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While James was in college, he did not have dental insurance. James went to see a dentist once a year. After James graduated and started working, he bought dental insurance for himself. This insurance is a zero co-pay, no-deductible policy, so James pays nothing for his dentist visits. In the following year, James neglected his teeth (by brushing and flossing less) and had four dentist appointments. This is an example of:
A. A market with perfect information
B. A moral hazard problem
C. An adverse-selection problem
D. A lemons problem
Barbara earns $10 per hour at ther regular job, where her maximum daily shift is 8 hours. If she wants to earn more (moonlight), she can work as many hours as she wants at $5 an hour. Initially, she works exactly 8 hours per day. Then the wage on her..
The administration and management of tax and subsidies should be the tool for achieving fiscal policy toward economic stabilization and growth. Explain it in details and with examples.
Consider an economy with the production function Y = L^(1 / 3). Derive the Labor demand Curve. Assume M s = 45 and k = 3 . What is the equation of the aggregate demand curve for this example? What is the price level? What is the nominal wage level.
An emissions fee is paid to the government, whereas an injurer, who issued and held liable, pays damages directly to the party harmed by an externality. What differences in the behavior of victims might you expect to arise under these two arrange..
The regressive impact of carbon taxes could be addressed by using tax revenues to favor low-income groups. The low-income families, who already spend a larger proportion of their income on transportation, groceries and utility bills, will be hit the ..
Elucidate what happened to Ikonomia's net foreign assets during 2007. Did it acquire or lose foreign assets during the year.
Suppose your nominal income in 1995 was $24,000. Suppose, too, that the Consumer Price Index for 2012 was 2.5 and that the base year for this index was 1995. How much nominal income would you need in 2012 in order to match the spending power of your ..
Explain how is it possible which output rises while at the similar time employment is falling.
one year later, the new class discovered that, at a price of 30 cents per can, the number of cans has fallen to 125 and two revenues are down. (A) Compute the price elasticity of demand in the first and second cases. (B) Explain what may have happ..
Suppose that a car was produced but not sold in 2011. The car could still be sold in 2012. According to the book, the car would be counted as part of:
Suppose a profit maximizing automobile manufacturer produces its output in two plants, one in the U.S. and the other in Canada. The total costs of producing in the two plants are identical, except that the output produced in the U.S. is subject to a ..
The first welfare theorem states that under a certain set of “regularity condition", free markets are efficient. Use the demand and supply model to show that a government imposed price ceiling will be inefficient when these regularity conditions are ..
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