If the value of a cable TV franchise is uncertain, too much may be bid for the franchise. This is an example of
a. moral hazard
b. an authority relation
c. the winner's curse
d. the principal-agent problem
e. adverse selection
C
Economics
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In 2003, government spending as a percentage of GDP was approximately
a. 75 percent b. 50 percent c. 33 percent d. 20 percent e. 10 percent
Economics
An asset is
A) anything of value owned by a person or a firm. B) a payment by a corporation to its shareholders. C) a nonmonetary opportunity cost. D) anything owed by a person or a firm.
Economics