Traditional models incorporate social and moral incentives into price.
Answer the following statement true (T) or false (F)
False
Traditional models look at simple price incentives and account for social and moral incentives afterward.
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Insurance companies use deductibles and coinsurance to reduce moral hazard
Indicate whether the statement is true or false
A vertical demand curve is
A) completely inelastic. B) infinitely elastic. C) highly (but not infinitely) elastic. D) highly (but not completely) inelastic.
Two shortcomings of using concentration ratios are: (1) ___________; and (2) __________.
Fill in the blank(s) with the appropriate word(s).
If real GDP in 2018 (using 2009 prices) is lower than nominal GDP of 2017, then
A) prices in 2018 are lower than prices in 2017. B) nominal GDP in 2018 equals nominal GDP in 2017. C) prices in 2018 are higher than prices in 2017. D) real GDP in 2018 is larger than real GDP in 2017.