The greater the risk associated with a particular outcome, the ________ likely they will purchase insurance, and the ________ money they are willing to pay for the insurance.
A) more; more
B) less; more
C) less; less
D) more; less
A) more; more
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Which of the following is likely to increase the supply of labor?
a. a decrease in the population b. a relaxation of restrictions on immigration c. a decrease in fringe benefits d. an increase in the value placed on leisure
Refer to the accompanying figure.
Based on the figure and starting from an initial short-run equilibrium where output equals 20,000, if autonomous consumption spending increases by 1,000, then the new short-run equilibrium output (Y) is equal to:
A. 24,000. B. 16,000. C. 6,000. D. 14,000.
If the demand for iPods is price elastic, then
A) the percentage change in quantity demanded is greater than the percentage change in price (in absolute value). B) the percentage change in quantity demanded is less than the percentage change in price (in absolute value). C) the percentage change in quantity demanded is equal to the percentage change in price. D) quantity demanded is not responsive to changes in price.
Which of the following is not an example of a crime contemplated by the rational criminal model?
A. Assault B. Murder for hire C. Car theft D. Insurance fraud