In which of the following industries are the firms price-takers?
a. monopoly
b. monopolistically competitive
c. monopoly and monopolistically competitive
d. perfectly competitive
e. perfectly competitive and monopolistically competitive
D
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When do insurance companies encounter the problem of moral hazard?
a. When simply having insurance causes people to take more risks than they would otherwise. b. When they do not have enough information to distinguish between people who are "good risks" and those who are "bad risks." c. When the price of insurance premiums fully reflects all available information. d. When the insurance company suffers large losses because a major catastrophe has affected a large number of people simultaneously.
In Figure 3-2, a move from a point like B to a point such as D
A. is not possible. B. can be attained with a more efficient allocation of resources. C. can be attained if there is an improvement in technology. D. can be attained if unused resources are put into production.
A reason there are divisional conflicts over the transfer price
a. the manager of the upstream division gets rewarded for a transfer price that is too high b. the manager of the downstream division gets rewarded for a transfer price that is too low c. the corporate headquarters does not have enough information to determine the correct transfer price d. all of the above
Refer to the information provided in Scenario 22.3 below to answer the question(s) that follow.SCENARIO 22.3: Consider a local high school that has 300 sophomores considered to be at-risk students. A privately-sponsored after-school sports program has been established to try to help at-risk students succeed in finishing high school. The local government wants to know if this program reduces the students' probability of dropping out of high school before the end of their junior year, and decides to randomly sample 150 of the 300 at-risk sophomores and invite them to attend the after-school program at no cost. 100 students accept the invitation, and by the end of their junior year, the drop-out percentage of the 100 students who attended the program was lower than the drop-out percentage of
the 200 students who did not attend the program. Refer to Scenario 22.3. Based on the information in the scenario, the 100 students who accepted the offer to attend the after-school program is an example of A. positive correlation. B. a random sample. C. selection bias. D. survivor bias.