A measure defined per unit of time is called a(n) ________ variable.
A. stock
B. aggregate
C. flow
D. nominal
Answer: C
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Refer to the scenario above. Which country has the lowest income per capita in PPP-adjusted dollars?
A) Country 1 B) Country 2 C) Country 3 D) Country 4
A goal of equality of income can be justified based on the utilitarian idea that _____
a. individuals face diminishing marginal utility of income b. social welfare functions are convex to the origin c. rich people have more than they every could need d. redistribution does not lead to an increased excess burden of taxation
Big Waves is a large water park. Suppose the individual demand for entrance into Big Waves is Qd = 50 - (2 × P) and each consumer has the same demand. Big Waves has a constant marginal cost of $5 per consumer. If Big Waves charges the profit-maximizing single entry price to each consumer and offers the profit-maximizing number of entries, what is Big Waves profit per consumer?
A) $250 B) $200 C) $100 D) $300
Define the term adverse selection. Why is an insurance company unable to offer fair odds when it faces an adverse selection problem? How might the insurance company deal with an adverse selection problem?
What will be an ideal response?