To an economist, money is a synonym for which of the following?
A) income
B) credit
C) wealth
D) salary
E) none of the above
E
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The cost of group health insurance is generally lower than if a person buys an individual policy because
A) it is easier for an insurance company to deny claims from a group policy. B) the problem of adverse selection is reduced. C) insuring a group of people eliminates the problem of policy holders having more information than the insurance company. D) this eliminates the problem of moral hazard.
Suppose the insurance company cannot tell them apart but expects them to be different values and charges them an average premium of $1850 . How much profit would it make?
a. $1850 b. Zero-they would break even c. They would make a loss of $650 d. They would make a loss of $1100
The Humphrey-Hawkins Act of 1978 demanded that the Federal Reserve try to have an unemployment rate of 0 percent
Indicate whether the statement is true or false
When a competitive price-searcher market is in long-run equilibrium, the firms in the market will earn
a. substantial economic profits. b. zero economic profits. c. significant economic losses. d. an above-normal accounting rate of return.