Economic bads are items
A) for which the produced quantity is less than the amount desired at a positive price.
B) for which the desired quantity is less than what nature provides at a zero price.
C) that individuals desire but which receive social disapproval.
D) that receive social approval but which governments dislike.
B
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As prices rise, people will buy fewer goods and services because:
a. the interest rate has declined. b. aggregate demand has increased. c. the purchasing power of the fixed quantity of money has declined. d. the income of households has increased.
Which of the following statements is correct?
a. A high-risk person is more likely to apply for insurance than a low-risk person because a high-risk person would benefit more from insurance protection. b. A low-risk person is more likely to apply for insurance than a high-risk person because a low-risk person would benefit more from insurance protection. c. Insurance companies can fully guard against the problem of adverse selection, but they cannot fully guard against the problem of moral hazard. d. Insurance companies can fully guard against the problem of moral hazard, but they cannot fully guard against the problem of adverse selection.
The M1 money supply is defined to be the sum of currency, traveler's checks, and:
A. checkable deposits. B. Treasury bonds. C. savings accounts. D. large time deposits.
Table 17.1Refer to Table 17.1. Suppose that this year the wage rate is $30 and the price of the good is $1. If the firm is maximizing profit, ________ workers will be hired. Next year the wage rate will increase to $40, but the price of the good will remain at $1. Then ________ workers will be hired.
A. 6; 5 B. 6; 6 C. 7; 6 D. 5; 5