If you buy an insurance policy with a low deductible and no co-payments, you would end up paying
a. A higher premium
b. A lower premium
c. The premium of a low risk individual
d. Both B&C
a
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Suppose labor is a variable input and capital is a fixed input, and consider a firm's short-run average, average variable, and marginal cost curves.
(i) What geometric relationships hold among these three curves? (ii) How would these curves be affected by an increase in the wage rate paid to labor? (iii) How would these three curves be affected by an increase in the rental rate paid to capital?
Falling below a minimum standard of living illustrates the concept of absolute poverty
a. True b. False Indicate whether the statement is true or false
Given the same price elasticity of supply, sellers would be able to pass along the smallest portion of a 10 percent tax on which item?
A. Beef with a price elasticity of demand of 0.62 B. Fish with a price elasticity of demand of 0.12 C. Chicken with a price elasticity of demand of 0.32 D. Pork with a price elasticity of demand of 0.73
An example of a natural resource is:
A. Bill Gates' revolutionary iPod. B. Farmer Joe's farm fields. C. Michael Jordan's athletic ability. D. All of these are examples of natural resources.