Consumption depends solely on income.
Answer the following statement true (T) or false (F)
False
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Less skillful drivers are more likely to buy auto insurance with lower deductibles. Economists use this as an example of:
A. adverse selection. B. moral hazard. C. asymmetric selection. D. information optimization.
HMOs seek to contain health care costs by exerting control over patients' treatment options
a. True b. False Indicate whether the statement is true or false
For a Giffen good, the income effect is:
a. less than the substitution effect b. greater than the substitution effect c. in the same direction as the substitution effect d. exactly offset by an equal substitution effect e. none of the above
The Case in Point on the Simpsons indicated that time is:
A) a scarce resource. B) a resource without alternative uses. C) a ubiquitous resource. D) not a resource.