Economics deals with choices
A) that involve the wants of individuals.
B) that involve what people only need to survive.
C) that people make without self-motivated interest.
D) that people normally do not make.
A
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One reason why adverse selection problems arise in the market for health insurance is because
A) sick people are more likely to want health insurance than are healthy people. B) fewer people are choosing careers in the medical field because of increases in the cost of education. C) as people live longer, a greater portion of their medical bills will have to be paid by younger generations. D) advances in medical technology are costly, and drive up the price of medical insurance.
What is economic value of an exchange?
Which of the following signals a positive economic statement?
a. value judgment b. should be c. opinion d. ought to be e. was
Refer to Figure 23.1. If the market price equaled $10, in the short run this firm should
A. Produce where the ATC is at a minimum. B. Shut down. C. Produce with an economic loss. D. Raise the price.