A product is considered to be nonexcludable if
A) you cannot keep those who did not pay for the item from enjoying its benefits.
B) it is jointly owned by all members of a community.
C) your consumption of the product reduces the quantity available for others to consume.
D) you can keep those who did not pay for the item from enjoying its benefits.
A
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Because Don has health insurance, he is more likely to see the doctor when he has a cold. This is an example of
A) adverse selection. B) moral hazard. C) both moral hazard and adverse selection. D) private information.
According to the modern expectational Phillips curve illustrated inFigure 15-2 , unemployment will temporarily rise above the natural rate of unemployment when
a. inflation turns out to be lower than what people expected.
b. inflation turns out to be higher than what people expected.
c. inflation turns out to be equal to what people expected.
d. all of the above are true.a