Recall the Application about genetic testing and adverse selection to answer the following question(s).According to the Application, what is causing more and more consumers to get a complete genetic profile of themselves?
A. The cost of genetic testing is decreasing.
B. The government is subsidizing genetic testing through Medicare.
C. More employers are requiring genetic testing before workers are hired.
D. More people want to know which famous person they are related to.
Answer: A
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Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080Which of the following is an acceptable term of trade?
A. 4 scarves for 2 sweaters B. 6 scarves for 1 sweater C. 2 scarves for 2 sweaters D. 10 scarves for 3 sweaters
If the price of a soda was 15 cents in 1970, when the CPI was 50, and 50 cents in 2007, when the CPI was 172, then
A) the price of the soda was greater in real value in 1970 than in 2007. B) prices on average have increased 567 percent. C) the price of a soda has increased a greater percentage than the CPI. D) prices on average have increased 244 percent. E) the real price of a soda is the same in 1970 and 2007.
When bad drivers line up to purchase collision insurance, automobile insurers are subject to the
A) moral hazard problem. B) adverse selection problem. C) assigned risk problem. D) ill queue problem.
Because a monopolist must lower its price in order to sell another unit of output,
a. marginal revenue is less than price. b. long-term economic profits will be zero. c. total revenue increases as price increases. d. average revenue is less than price.