The basic economic differences among nations throughout history concerning institutions, philosophy, and ideology mainly focus on:
A) unemployment and inflation.
B) the ownership of factors of production and how they are coordinated in economic activity.
C) the relative shares of agriculture, industry, and service sectors.
D) the opportunity for social mobility.
Ans: B) the ownership of factors of production and how they are coordinated in economic activity.
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The value of the discount weight used to translate utils into current utils is:
A) one. B) less than one. C) greater than one but less than two. D) greater than one but less than three.
An example of moral hazard is
a. people drive as carefully in icy conditions with antilock brakes as without b. people drive less safely with more airbags than without c. football players avoid 'spearing' with their heads even with safer helmets d. people read the medicine warnings as carefully when self-medicating as with a doctor's prescription
When the price of a good is lower than the equilibrium price, a. a surplus will exist
b. buyers desire to purchase more than is produced. c. sellers desire to produce and sell more than buyers wish to purchase. d. quantity supplied exceeds quantity demanded.
Offering discounts to senior citizens is
A. a philanthropic decision. B. peak-level pricing. C. price discrimination. D. an inefficient practice.