A deductible is a fixed amount that the insured person must pay before their insurance kicks in.
Answer the following statement true (T) or false (F)
True
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There are four lighthouses on the island of Sand. If this is the efficient quantity of lighthouses, ________
A) the marginal social benefit of the fourth lighthouse equals its marginal social cost B) total social benefit is zero C) marginal social benefit minus marginal social cost is a maximum D) Both answers A and C are correct.
In the real business cycle theory, during a period when output is falling,
a. workers are voluntarily giving up their jobs. b. the quantity supplied of labor is falling. c. aggregate productivity must be falling. d. all of the above. e. none of the above.
Sheri is currently purchasing 10 units of a normal good and her indifference curves exhibit diminishing marginal rate of substitution. Suppose there is a decrease in the market price of this good. Then
A) both her utility and her consumer surplus will increase. B) her consumer surplus will increase, but her utility will remain the same. C) her utility will increase, but her consumer surplus will remain the same. D) her consumer surplus will increase, but the change in her utility is unknown without more information.
If one nation is able to produce a good at a lower opportunity cost than another, it has
A) an absolute advantage in that good. B) a comparative advantage in that good. C) a productivity advantage in that good. D) a technological advantage in that good.