According to your textbook,
A) millions of people know how to make pencils, but only a few know how to use them.
B) millions of people know how to make pencils, but nobody knows how to use them.
C) no single person anywhere in the world knows how to make a pencil.
D) no single person anywhere in the world knows how to use a pencil.
E) none of the above.
C
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Refer to Table 7-3. Select the statement that accurately interprets the data in the table
A) Mateo has an absolute advantage in making spurs. B) Mateo has an absolute advantage in making saddles and Celeste has an absolute advantage in making spurs. C) Celeste has an absolute advantage in making saddles. D) Mateo has an absolute advantage in making spurs and Celeste has an absolute advantage in making saddles.
One difference between moral hazard and adverse selection is
a. Moral hazard has to do with unobservable characteristics of individuals b. Adverse selection has to do with unobservable actions of individuals c. Adverse selection occurs when individuals least appropriate for positions are most likely to apply for them d. Adverse selection is when you choose the wrong answer on a test