Which of the following is correct?
A. Public saving equals national saving plus private saving.
B. National saving equals public saving minus private saving.
C. National saving equals private saving plus public saving.
D. Private saving equals national saving plus public saving.
Answer: C
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Which of the following occurs when insurance makes a person more likely to engage in risky behavior?
a. lemon problem b. moral hazard c. adverse selection d. risk selection
Which of the following statements about markets is false?
a. markets are used to allocate resources in market systems b. markets can vary in geographical size c. prices are used to allocate goods in markets d. markets are used to allocate resources in centrally-planned socialist economic systems e. supply and demand explains how prices are set in competitive markets