Traditionally, the age group with the highest rate of savings is the _________.
Fill in the blank(s) with the appropriate word(s).
middle-aged
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A vertical long-run aggregate supply curve indicates that
a. an increase in the price level will not expand an economy's output capacity in the long run. b. outputs greater than the long-run supply constraint cannot be achieved. c. an increase in the price level will permit the economy to achieve a higher level of output. d. an increase in the price level will promote technological change and more rapid economic growth.
In 2008–2010, American policymakers decided to risk
A. higher inflation for the sake of decreasing unemployment. B. higher unemployment to hold down inflation. C. increasing taxes for the sake of reducing the budget deficit. D. reducing government spending for the sake of balancing the budget.
Which of the following is NOT a necessary condition for oligopoly?
A) barriers to entry B) strategic dependence of firms C) differentiated products D) either a small number of firms or market dominance by a small number of firms
Suppose an insurance company has estimated that 20 percent of all of its potential policy owners are high-cost and sets a price for their insurance policy with the understanding that 20 percent of its policy owners will be high-cost. If the true percentage of high-cost potential policy owners is 40 percent, the insurance company is likely to face ________.
A) moral hazard B) the principal-agent problem C) adverse selection D) the bad apple problem