There is a permanent underclass totaling about _____% of our population.
Fill in the blank(s) with the appropriate word(s).
10
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If a life insurance company offers coverage regardless of age, health status, or smoking history, it is likely to suffer
A) moral hazard problems. B) adverse selection problems. C) lower costs. D) low demand for its product.
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. Which of the following statements is true?
a. Brazil has an absolute advantage in producing only coffee. b. Brazil has an absolute advantage in producing only sugar. c. Chile has an absolute advantage in the production of both coffee and sugar. d. Chile has an absolute advantage in producing only coffee. e. Brazil has an absolute advantage in the production of both coffee and sugar.
You own a building that has four possible uses: a tailor shop, a pharmacy, a sports bar, and an antique mall. The building's value in each use is $4,000; $6,000; $8,000; and $10,000, respectively. You decide to open a sports bar. The opportunity cost of using this building for a sports bar is
A. $10,000, the value if you rented the building to someone else to use as an antique mall. B. $4,000, the value if the building is used as a tailor shop. C. $6,000, the value if the building is used as a pharmacy. D. $20,000, the sum of the values if the building is used for a tailor shop, a pharmacy, or an antique mall.
If this firm were a perfect competitor, what price would it charge in the long run?
A. OE
B. ON
C. OF
D. None of the choices are correct.