In the context of insurance, everyone typically has to pay a higher premium because of:
A. risk pooling.
B. diversification.
C. risk aversion.
D. adverse selection.
D. adverse selection.
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What most accurately describes the US tariff policy between 1850 and 1910?
a. The US was strongly committed to free trade throughout the period. b. The US became more protectionist during the Civil War and the level of tariffs remained high through 1910. c. The US had very high tariff barriers at the beginning of this period, but lowered them consistently throughout this period.
Which one of the following is a way to get out of a repeated Prisoner's Dilemma Nash Equilibrium?
a. Make sure that your competitor clearly understands your actions and intentions b. Make sure that your competitor keeps guessing about your actions and intentions c. Make sure you keep your actions and intentions ambiguous d. All of the above