Providers of health care insurance require applicants to provide information on their medical history. The purpose may be to minimize which of the following problems?
A) moral hazard
B) adverse selection
C) government taxes
D) opportunity cost
B
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According to the Manning study, people with $1,000-deductible health care coverage had:
A. worse health outcome than those with first-dollar coverage. B. the same health outcomes as those with first-dollar coverage. C. better health outcomes than those with first-dollar coverage. D. worse health outcomes than those with no insurance coverage.
If a monopoly firm sells to competitive distributors and the distributors have a constant marginal cost of $8 and they are paying the profit-maximizing wholesale price of $20, what is the retail price of the product?
A) $12 B) $28 C) $8 D) $20
If monopolistically competitive firms are earning economic profits, then in the transition to the long-run equilibrium: a. more firms will enter the industry
b. prices will tend to fall. c. each firm will produce a smaller quantity of output. d. all of the above will occur.
A technological advance that increases the marginal product of labor will
A. decrease the demand for labor. B. increase the supply for labor. C. decrease the supply for labor. D. increase the demand for labor.