Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Estonia gain compared to the "without trade" numbers?

In the health insurance market, moral hazard occurs when

A) chronically ill people buy insurance. B) insured people go to the doctor unnecessarily. C) patients sue their doctor. D) chronically ill people refuse appropriate medical treatment.

All of the following characteristics are common to both monopolistic competition and perfect competition except

A) firms act to maximize profit. B) firms take market prices as given. C) entry barriers into the industries are low. D) the market demand curves are downward-sloping.