A typical automobile insurance policy is an example of:
A. property and casualty insurance.
B. property insurance only.
C. liability insurance only.
D. casualty insurance only.
Answer: A
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When a nation imports a good or service, the nation's consumer surplus ________, its producer surplus ________, and its total surplus ________
A) increases; decreases; increases B) increases; decreases; decreases C) increases; increases; increases D) decreases; decreases; decreases E) decreases; decreases; increases
Kuznets's investigations of development suggested that income
a. generally becomes more unequal as development progresses b. generally becomes more unequal up to a point, then becomes more equal c. generally becomes more equal as development progresses d. generally become more equal up to a point, then become more unequal e. none of the above
A permanent negative supply shock causes stock prices to ________ than they would if the supply shock were temporary
A) fall more B) fall less C) rise more D) rise less
When a country that imports a particular good imposes an import quota on that good,
a. producer surplus increases and total surplus increases in the market for that good. b. producer surplus increases and total surplus decreases in the market for that good. c. producer surplus decreases and total surplus increases in the market for that good. d. producer surplus decreases and total surplus decreases in the market for that good.