If global warming began to cause random world-wide damage to crops, insurance companies
A) would insure against specific crop failures.
B) would not insure against specific crop failures.
C) would be indifferent between insuring or not.
D) would find themselves facing prosecution for ignoring the problem for so long.
B
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Restrictions on free international trade designed to protect domestic industries from competitive market forces that originate beyond the borders of the country are:
A) competitive policies. B) protectionist policies. C) free trade policies. D) antitrust policies.
The economy's current rate of interest is 10 percent and a firm has $10,000 of owner-invested capital. Its total revenue is $5000 and the firm's explicit costs are $3500. From this we know that this firm's
A) accounting profit is $500. B) economic profit is $1,500. C) accounting profit is $1,500. D) economic profit is $5,000.