If two countries are economically identical except that citizens in one country have more leisure time, then the level of GDP:
A. will be higher in the country with less leisure time.
B. will be higher in the country with more leisure time.
C. will be the same in both countries.
D. will be greater than the level of economic well-being in each country.
Answer: C
Economics
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The demand curve faced by a monopolistically competitive firms is
A) horizontal. B) vertical. C) downward sloping. D) unitary elastic.
Economics
In a television advertisement for AFLAC supplemental health insurance, an ice skater says to his skating partner, "Do you want to try a triple jump?" She responds, "Why not, I have AFLAC." This response illustrates the:
A. principal-agent problem. B. adverse selection problem. C. moral hazard problem. D. free-rider problem.
Economics