The concept of scarcity implies ________.
a) limited human wants and unlimited producer resources
b) unlimited human resources and limited producer wants
c) unlimited human wants and limited producer resources
d) limited human resources and unlimited producer wants
With specialization of resources, ________.
a) the slope of the PPF is decreasing as more of the good on the X-axis is produced
b) marginal opportunity costs increase
c) opportunity costs tend to be constant
d) there is more emphasis on self reliance
How will each of the following affect the supply for insurance?
a) A larger pool of insured persons
b) Lower administration costs for insurance companies
c) Higher premiums (with no change in risk experience)
d) A greater degree of risk aversion on the part of insurers
How will each of the following affect the supply for insurance:
a. a larger pool of insured persons
b. lower administration costs for insurance companies
c. higher premiums (with no change in risk experience)
d. a greater degree of risk aversion on the part of insurers