When people make a decision to not participate in a program unless they actively enroll for it, program participation is:
A. likely to be lower than if people were automatically enrolled and had to actively opt-out of participating.
B. exclusive, which always makes it more attractive to people.
C. likely to be the same as if people were automatically enrolled and had to actively opt-out of participating.
D. likely to be higher than if people were automatically enrolled and had to actively opt-out of participating.
Answer: A
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Which of the following describes a characteristic of a perfectly competitive market?
A) Equilibrium is achieved when demand for the product sold in the market equals the supply. B) There are many buyers and sellers. C) There are many sellers but few buyers. D) There are many buyers but few sellers.
The average price of gasoline in June of 2008 in the United States was $3.79 . This was up by 82 cents from the previous year. Forecasters are expecting a drop in gasoline consumption of about 1% for the first time in 16 years
Even though this is a historic moment what do the figures still demonstrate about the elasticity of demand for gasoline? If the price increases go unabated what is likely to happen to the long-run price elasticity for gasoline and why?
Adverse selection is a problem that arises:
A. before the parties have entered into an agreement. B. after the parties have voluntarily entered into an agreement. C. either before or after the parties have entered into an agreement. D. rarely in any market.
Holding all else constant, a decrease in U.S. real GDP will ________ the supply for dollars in the foreign exchange market and ________ the equilibrium Mexican peso/U.S. dollar exchange rate.
A. increase; decrease B. decrease; decrease C. decrease; increase D. increase; increase