A variable measures
A) the degree to which something varies over time.
B) something that always has the same value.
C) something that can take on different values.
D) factors that occur with high degrees of uncertainty.
C
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The very existence of an insurance policy may cause people to behave in a riskier manner, which will increase the moral hazard problem
Indicate whether the statement is true or false
The deadweight loss that arises from a monopoly is a consequence of the fact that the monopoly
a. quantity is lower than the socially-optimal quantity. b. price equals marginal revenue. c. price is the same as average revenue. d. earns positive profits.
A price ceiling is a government-mandated
A) minimum price below which legal trades cannot be made. B) maximum price above which legal trades cannot be made. C) minimum price above which legal trades cannot be made. D) maximum price below which legal trades cannot be made.
The aggregate demand curve shifts to the right when the Fed:
A. increases its target inflation rate, reflected by a downward shift in the Fed's policy reaction function. B. decreases real interest rates in response to inflation, but does not change its target inflation rate or the Fed's policy reaction function. C. decreases its target inflation rate, reflected by an upward shift in the Fed's policy reaction function. D. increases real interest rates in response to inflation, but does not change its target inflation rate or the Fed's policy reaction function.