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There are two types of drivers on the road today: Speed Racers have a 5% chance of causing an accident per year, and Low Riders have a 1% chance of causing an accident per year. There are equal numbers of Speed Racers and Low Riders in the population. The cost of an accident is $12,000.
Suppose an insurance company knows with certainty each driver’s type. What premium would the insurance company charge each type of driver if prices are actuarially fair?
Now suppose that there is asymmetric information so that the insurance company does not know with certainty the driver’s type. Describe the insurance contracts that would be offered if no information at all is known about individual driver’s types. What if drivers self-reported their types to the insurance company?
If you were asked to lend money to your cousin’s clothing store to help her through a slow sales period, would you be more interested in looking at the current ratio, or the quick ratio, as a measure of liquidity? Why?
When the minimum wage is set above the equilibrium market wage,
Which of the following must be true in an economy with a government but with no foreign trade?
Metro claims that at the time of its loan it was unaware of HFCs interest. Between these parties, who has priority to the collateral? Discuss your answer.
In the U.S. health expenditures on drugs amount to about 10% of total health expenditures. In Japan, where physicians are legally permitted to sell pharmaceuticals, national expenditures on drugs are almost double the level in the U.S. Discuss how th..
What is the difference between being unemployed and being out of the labor force? A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest of the adult population is out of the labor force.
What is in USD million dollar conversion? Below all number RMD to USD MILLIONS?
Why would equal-sized falls in aggregate output due to a fall in aggregate demand have different effects on magnitude and duration of unemployment in se two economies.
Spartan Town Bank is the only bank in town when it comes to borrowing or depositing. You may also assume it’s the only bank in the economy. Initially, it holds $4000 worth of checking (or demand) deposits, $1000 of reserves, and $3000 of loans. Const..
Harlen Industries has a simple forecasting model: Take the actual demand for the same month last year and divide that by the number of fractional weeks in that month. This gives the average weekly demand for that month. This weekly average is used as..
What is the outcome of the case and whether you agree with the final decision and why?
Explain a/an economic indicator used to determine the health and direction of our economy. Discuss whether the indicator is cyclical or counter cyclical. What are some other indicators of how well the economy is doing not mentioned directly in the te..
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