The fee that insurance companies collect in exchange for covering unpredictable costs is called a:
A. premium.
B. ultimatum.
C. prepaid event charge.
D. preventative payment.
A. premium.
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Bid-rigging is less likely in
a. oral auctions b. English auctions c. first-price sealed-bid auctions d. all are equally likely
Stella's marginal utility of the last unit of X consumed is 18 and her marginal utility of the last unit of Y consumed is 12 . What prices for X and Y, respectively, are consistent with Stella being in consumer equilibrium?
a. $4 and $6 b. $12 and $18. c. $15 and $15. d. $12 and $8.
When construction workers seek work because the ground is covered in snow and ice, the unemployment rate goes up. This situation is an example of:
A. Frictional unemployment. B. Seasonal unemployment. C. Structural unemployment. D. Cyclical unemployment.
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower