The perpetual state of insufficiency of resources to satisfy people's unlimited wants is:
a. apparent only in poor countries.
b. completely unrealistic.
c. present in modern economies, but not in the past.
d. the definition of scarcity.
d
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Some health insurance companies pay only 70%-80% of the medical cost incurred by their customers. What is the reason for this?
What will be an ideal response?
Assume the managers of the two major firms in an industry agree to set the price of their output at a fixed level so as to discourage new entrants into the market. This would be considered a violation of the:
A) Sherman Act of 1890. B) Clayton Act of 1914. C) Federal Trade Commission Act of 1914. D) Celler-Kefauver Act of 1950.
The reduction in transactions costs brought about by financial intermediaries benefits
A) small savers, but not small borrowers. B) small borrowers, but not small savers. C) both small savers and small borrowers. D) society through greater economic efficiency; small savers and borrowers do not gain directly.
Answer the following statements true (T) or false (F)
1) Uncertainty is the result of incomplete information. 2) Probability is the chance that an event occurs. 3) It is possible for the probability of an event to be 1.50. 4) A probability distribution of a random variable is a listing of all of the possible outcomes of the random variable and the associated probabilities. 5) The larger the extent of variation, the smaller the risk.