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"Moral hazard" is a term often used in the context of peoples' behavior once they have insurance. Szuchman and Anderson explore the idea of moral hazard in personal relationships. How would you define moral hazard? Provide an example of moral hazard that you have observed in your own community or workplace.
How does moral hazard differ from adverse selection? Provide an example to illustrate this concept.
In the US the long-run inflation rate can be expressed simply as the growth rate.
A country is always worse off when its currency is weak (falls in value). Is this statement true, false, or uncertain? Explain your answer.
Now, assume the ECB also employs comparably aggressive policy. Copy your results from the left graph and show on the right graph how the ECB could affect the USD/EUR exchange rate.
Create another diagram; once again start from an initial macroeconomic equilibrium. Explain both the SR and LR impact of a contractionary AS shock on Y. Use the appropriate diagrams and provide a brief real world example of this type of shock.
1.Explain how each of the following events will influence the demand or supply of red wine, and predict the change in equilibrium price and equilibrium quantity.a. A major health study finds that the antioxidants in red wine may help prevent heart di..
you select to work more hours or fewer when offered a higher hourly salary.
The economic effect of an increase in government purchases is likely to depend on how the purchases are financed. Explain how an increase in G is increases output and employment if financed by a lump-sum tax (or debt), but is likely to decrease ou..
What effect does unanticipated inflation have upon: (1) individuals who are retired and living on a fixed income; (2) debtors, and (3) creditors?
Suppose Firm Y's production function is given by the following Cobb Douglas equation
List the level of price control in each market type in descending order (largest to smallest). Please include in your explanation the factors that give the firms in the market much or little control of price.
In the incoming election, Massachusetts voters will have the option to liberalize marijuana in their state. According to news reports, the Massachusetts alcohol industry is contributing money against the legalization of marijuana.
What are the initial equilibrium wage rate and employment level? Other things held constant, assume that the price of a substitute resource decreases. What will happen to demand for labor? Will it increase or decrease?
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