Recall the Application about genetic testing and adverse selection to answer the following question(s).According to the Application, why is genetic testing causing adverse selection?
A. People who find out through genetic testing that they are more likely to get certain genetic illnesses are more likely to get insurance.
B. People who find out through genetic testing that they are more likely to get certain genetic illnesses are less likely to get insurance.
C. People who find out through genetic testing that they are more likely to get certain genetic illnesses are more likely to get hired by employers.
D. People who find out through genetic testing that they are more likely to get certain genetic illnesses are less likely to get insured by insurance companies.
Answer: A
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An example of someone bearing the burden of a negative production externality would be
A) Taylor living downwind from a smelly feedlot where pigs are raised. B) Jess's roommate smokes and she doesn't. C) Lynna's neighbors play loud music late at night. D) All of these are examples of someone bearing the burden of a negative production externality. E) None of these is an example of someone bearing the burden of a negative production externality.
These are characteristics of a competitive industry, except:
a. Many substitutes b. No barriers to entry c. Homogenous product d. Little or no information on rivals' products
When economists refer to an economy's price level, they indicate: a. the rate of inflation in that economy
b. the prices of goods and services relative to consumers' incomes. c. a composite measure of prices of all goods and services. d. a period of level, or steady, prices in that economy. e. the price of a specific consumer good.
What are the major features of monopolistic competition compared to pure competition and pure monopoly?
What will be an ideal response?