A change in which of the following would shift the aggregate demand curve?
a. Consumption (C)
b. Investment (I)
c. Government spending (G)
d. Net Exports (NX)
e. All of these
e
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The free rider problem arises when a good is:
a. rivalrous. b. excludable. c. nonexcludable. d. nonrivalrous. e. an absolute necessity.
Insurers try to minimize moral hazard by:
a. charging higher premiums to individuals than to groups. b. requiring advance payments of premiums. c. refusing to sell insurance to individuals with chronic illnesses. d. only selling policies to individuals with high ethical standards. e. charging deductibles and coinsurance.
When a country imposes a tariff to protect a domestic monopolist from international competition, it will produce _______ output and charge _______ in a perfectly competitive domestic industry.
a. more; a higher price than b. the same; the same price as c. less; a higher price than d. less; a lower price than
Both liberal and conservative economists believe that:
A. that people make choices without reasoning. B. economic incentives are important. C. people are little influenced by sociological effects. D. they have nothing in common.