Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ________ money

Expected utility theory predicts that individuals will fully insure in actuarily fair markets so long as their tastes are state-independent. How might adverse selection result in some individuals under-insuring?

What will be an ideal response?

According to Nobel Prize winning economist Joseph Stiglitz

A. over the years the IMF has markedly changed. B. the IMF was founded on the belief that markets often worked badly. C. the IMF now champions the free market as the best way to run an economy. D. All of the choices are true.