The following is an example of risk aversion
a. those applying for a well-paid job tend to be the most qualified
b. more reckless drivers opt for cars with more safety devices
c. the contractor with the lowest bid for a is the most qualified
d. Initial Public Offerings (IPOs) seek investors when prospects look good
b
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Among the key ingredients that propelled the American economy to emerge as the leading industrial power by the beginning of World War I were
A. the world's first universal public education system. B. a large agricultural surplus. C. entrepreneurial abilities of great industrialists. D. all of the choices are true.
The potential for profit-increasing false advertising is greatest for which of the following goods?
A) disposable diapers B) a refrigerator C) laundry detergent D) spray window cleaner
A tariff is better than a quota because
A. it does not distort trade as much. B. quotas are inflexible. C. tariffs produce tax revenue. D. quotas hurt domestic producers; tariffs hurt foreign producers.
An increase in the price of a product will reduce the amount of it purchased because:
A. supply curves are upsloping. B. consumers substitute relatively high-priced for relatively low-priced products. C. the higher price means that real incomes have risen. D. consumers will substitute other products for the one whose price has risen.