If one economic agent possesses more information than their fellow transactor ________
A) economic transactions cannot occur
B) the moral hazard problem has been eliminated
C) the adverse section problem has been eliminated
D) asymmetric information exists
D
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Because the inflation rate is so high Wanda refuses to carry cash. Even though it is a bother, she now goes to the ATM twice as often to get the cash she needs. Wanda's actions are an example of the
A) tax distorting costs of inflation. B) uncertainty costs of inflation. C) tax costs of inflation. D) shoe-leather costs of inflation. E) confusion costs of inflation.
The measurement of GDP handles underground production by
A) including the amount produced in this sector of the economy in exactly the same way that all other production is included. B) omitting it because underground production is unreported to the government by the people involved. C) adding it at fixed prices that change only infrequently. D) adding an estimate of it because it is difficult to precisely measure underground production. E) omitting it because, being illegal, it has no effect on the nation's total production.
A consumer's total utility is maximized when the total utility per dollar from all goods is equalized
Indicate whether the statement is true or false
Briefly describe the types of health care systems in Canada, Japan, and the United Kingdom
What will be an ideal response?