Reference no: EM13836591
1-Economists who support minimum-wage legislation are likely to believe that the
A-.demand for unskilled labor is relatively inelastic.
B-.demand for unskilled labor is relatively elastic.
C-.supply of unskilled labor is relatively elastic.
D-.supply of unskilled labor is relatively inelastic.
2-Which of the following statements illustrates diminishing marginal utility?
A-.An extra dollar of income to a poor person provides that person with more additional utility than does an extra dollar to a rich person.
B-.An extra dollar of income to a poor person provides that person with less additional utility than does an extra dollar to a rich person.
C-.An extra dollar of income to a poor person provides that person with the same additional utility as does an extra dollar to a rich person.
D-.An extra dollar of income to a poor person provides that person with the same total utility as does an extra dollar to a rich person.
3- Adverse selection--buyers of life insurance will likely have higher than the average death rates-- because
A- An insured person may engage in riskier behavior than do people who are not insured.
B- Those with higher risk of death are more likely to want to buy insurance.
C- The price of life insurance will likely reflect the costs of a riskier-than-average person.
D- Third party pays means the insured does not bear the costs.
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