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Bill sees a classified ad offering a used DVD player for $5. On the opposite page, he sees a big color ad from a national electronics chain offering new DVD players for $50. Bill values a DVD player at $75 as long as it works, regardless of whether it is new or used.
Al is unable to sell Bill the DVD player because:
I. Adverse selection can cause buyers not to buy high-quality goods because of uncertainty about their quality.
II. Moral hazard can prevent sellers from offering guarantees of quality, because sellers can't be sure that buyers won't try to take advantage of the guarantee by filing false claims.
A. II only
B. Both I and II
C. I only
Assume the annual demand for liquor in Mississippi. The supply of liquor is given by the equation Qs= 30,000P. Solve for the equilibrium annual quantity and price of liquor.
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q.assume a country the total holdings of banks were as followsrequired reserves 45 millionexcess reserves 15
When prices are (p1, p2) = (1, 2) a consumer demands (x1, x2) = (1, 2), and when prices are (p1, p2) = (2, 1) the consumer demands (x1, x2) = (2, 1). Is this behavior consistent with the model of maximizing behavior?
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Suppose nominal GDP in 2002 was $100 billion and in 2003 it was $260 billion. The general price index in 2002 was 100 and in 2003 it was 180. Between 2002 and 2003 the real GDP rose by:
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Suppose you work in a financial institution, how you would advise your clients.
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