Which of the following models depicts the role of money as affecting only the price level in the short run?
a. The new classical model
b. The Keynesian model
c. The real business cycle model
d. The monetarist model
C
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Costs that have already been incurred, and which cannot be recovered, are known as
A) short-run fixed costs. B) unavoidable costs. C) sunk costs. D) implicit costs.
In insurance markets, moral hazard occurs when the behavior of
A) the insured person changes in a way that raises costs for the insurer, since the insured person no longer bears the full costs of that behavior. B) the insurer changes in a way that raises costs for the insured person, since the insurer no longer bears the full costs of that behavior. C) the insured person changes in a way that eliminates rising health care costs for the insurer, since the insured person no longer bears the full costs of that behavior. D) the insured person has an incentive to under consume medical services, simply because the insured person no longer bears the full cost of medical services.