Market economies produce only a few relatively minor defects
a. True
b. False
Indicate whether the statement is true or false
False
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Abby buys health insurance because she knows that she has health risks that wouldn't be obvious to an insurance company. Brad buys home owners insurance and then is less careful to make sure he's put out his cigarettes. The example with Abby
a. and the example with Brad illustrate adverse selection. b. and the example with Brad illustrate moral hazard. c. illustrates adverse selection; the example with Brad illustrates moral hazard. d. illustrates moral hazard; the example with Brad illustrates adverse selection.
Karl Marx published:
A. Das Kapital. B. General Theory of Communism. C. The Wealth of Nations. D. Capitalist Manifesto.
"Job-seeking immigration brings net economic benefits not only to the immigrants, but also to the receiving country overall." But there are winners and losers within the receiving country. Who among the following can be considered as a winner within the receiving country?
A. The households who want to rent the same kinds of apartments the immigrants want to rent. B. The workers who compete with the immigrants for jobs C. The consumers who buy the products that the immigrants help to produce D. None of these options are correct.
The variety of products and product features that consumers may choose from in monopolistically competitive industries:
A. at least partially offsets the economic inefficiencies of this market structure. B. leads to an optimal allocation of resources in the market structure. C. makes the demand curves facing firms in these industries more elastic. D. guarantees that firms produce at full-capacity output levels.