The idea that unequal incomes are unfair generally uses the ________ principle of fairness
A) big tradeoff
B) involuntary exchange
C) voluntary exchange
D) it's not fair if the result isn't fair
E) it's not fair if the rules aren't fair
D
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If bad drivers can usually avoid being ticketed by the police, then insurance companies will
A) use one's driving record as a signal. B) use one's driving record as a screening device. C) not be able to use one's driving record as a screening device. D) request driving records directly from the police and not from the individual applicant.
Which of the following does not reflect a positive rate of time preference?
a. Concert-goers yell and scream when the stage is still dark an hour after the concert was scheduled to start. b. Borrowers have to pay interest on loans. c. A dieter, allowed three ounces of butter per day, spends the whole allotment on her toast at breakfast. d. A dieter, allowed three ounces of butter per day, promises himself some new clothes if he can break the habit of spending the whole allotment on his toast at breakfast. e. A student stays up late every night for a week to finish her term paper two months before it is due.
Which of the following accurately describes the motivation behind predatory pricing?
a. to drive out competitors b. to increase sales c. to tie goods together d. to attract new customers
When a person cashes a check drawn on her own account, the money supply
A. increases. B. decreases. C. remains the same. D. increases because of interest rates.