If part of the labor force is unemployed, the foregone goods and services are
A. lost until the unemployed find jobs.
B. are replaced by unemployment insurance.
C. are lost forever.
D. are replaced by an equal amount of imports.
Answer: C
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Use the following two statements to answer this question:
I. Economic theories are developed to explain observed phenomena by deducing from a set of basic rules and assumptions. II. Economic theories use value judgments to determine which people ought to pay more taxes. A. Both I and II are false. B. I is false, and II is true. C. I is true, and II is false. D. Both I and II are true.
An indication that Insurance companies anticipate adverse selection is
a. they do not require a deductible b. they do not classify clients into different risk types according to their claim history c. they do not classify clients into different risk types according to pre-existing conditions d. they require a co-payment