Which of the following is an example of search costs?
A) Isabel knows that other neighbors' sleep patterns must also be affected by the howling dogs in her neighborhood and sets out to find those neighbors.
B) Isabel is bound and determined to to find out which of her neighbors owns the howling dogs that are preventing her from getting a full night's slee
B
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Pirates have been intensely attacking ships off the shore of Somalia this year. Boat owners have reportedly coughed up more than $30 million in ransom and insurance premiums have shot up. Why would insurance premiums increase dramatically?
I. Because the probability of pirate attack has increased II. Because consumers' willingness to pay for insurance has increased because of these attacks III. Because insurance claims have increased A) I only B) I and III only C) III only D) I, II, and III
New classical economists say that a fully anticipated decrease in aggregate demand:
A. shifts the long-run aggregate supply curve to the right. B. shifts the long-run aggregate supply curve to the left. C. moves the economy down along its vertical long-run aggregate supply curve. D. eventually results in a self-correcting increase in aggregate demand.