A cost or benefit of a good imposed on people other than the consumers or producer of a good is called a(n):

If insurance companies are able to gather more and better information on their customers, this will

A) help reduce the problem of adverse selection but do nothing to help with the problem of moral hazard. B) help reduce the problem of moral hazard but do nothing to help with the problem of adverse selection. C) help reduce the problems of adverse selection and moral hazard. D) do nothing to help with the problems of moral hazard and adverse selection.

The Social Security Act was passed during the administration of President ______________________.

Fill in the blank(s) with the appropriate word(s).