A room heater is a ________
A) club good because it is excludable but non-rival in consumption
B) club good because it is non-excludable but rival in consumption
C) public good because it is non-excludable and non-rival in consumption
D) private good because it is excludable and rival in consumption
D
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All of the following are advantages of risk pooling in the health insurance market except
A) it is easier for an insurance company to estimate the average number of claims likely to be filed under a group policy than it is to predict the number of claims likely to be filed under an individual policy. B) by insuring large groups as opposed to individuals, health insurance companies reduce adverse selection. C) individuals who are insured and therefore do not have to pay the full cost of health care services may be inclined to overuse those services. D) it gives very sick people in the pool the same access to health care and pay the same premiums as healthy individuals.
Households pay firms for goods and serivces. Firms supply households with goods and services. The purchase and supply of goods and services takes place in the
a) product market b) factor market c) after market d) traditional market