ECN 211 questions and answers

ECN 211 with questions and answers guaranteed A+ score. True or false, because private businesses are unable to profit from them, public goods are often supplied at quantities that are less than desirable in the market. - correct answers.True A potential solution to the problem of the tragedy of the commons is assigning __________ to common resource pool goods and then enforcing them. - correct answers.Property rights Club goods sold by private firms often result in ______ than efficient prices charged, and _____ than efficient quantities supplied. - correct r, less Although licensing helps greatly to solve the issue of asymmetric information, it also has negative consequences like....... Select all that apply. - correct ing barriers to entry, creating a bureaucratic burden True or false: Healthcare spending as a share of U.S. GDP has decreased from . - correct answers.False Which of the following were mentioned as factors contributing to increased healthcare costs? - correct answers.Innovations in medical care Increases in standards of living The price of healthcare tends to rise faster than overall inflation Which of the following were some of the main imperfections in the market for healthcare that were covered in the lecture. - correct answers.Asymmetric information and induced demand for medical care Increasing returns to scale in health insurance Adverse selection on the demand side of the market Because of adverse selection in the market for health insurance, individuals who are less likely to become sick often pay ______ than in premiums than their expected cost of medical care. They are therefore ______ likely to purchase health insurance. - correct , less Adverse selection implies that, under voluntary participation in health insurance, the market for health insurance will - correct pse What type of healthcare system do we currently have in the United States? - correct answers.A hybrid of both government provided and private healthcare. Which of the following is a characteristic that the market for public goods and the market for perfectly competitive goods do not share? - correct answers.No externalities If health insurance premiums are based on the average cost per participant, when healthier individuals leave the health insurance market, premiums _______. - correct ase Which letter in the exhibit above represents private goods? - correct answers.A, rivalrous, excludable Roughly how large is the market for healthcare in the United States as a percent of total U.S. GDP? - correct answers.15 percent Which of the following is a way that governments can overcome some of the problems of asymmetric information in the market for human capital? - correct answers.Accreditations and standards Holding all else equal, which of the following would happen as a result of an increase in monopsony power in the market for labor? - correct answers.A decrease in the equilibrium real wage A decrease in the quantity of labor hired Holding all else equal, which of the following would happen as a result of an increase in unionization in the market for labor? - correct answers.A decrease in the supply of labor (leftward shift in the labor supply curve) Holding all else equal, which of the following would happen as a result of an increase in efficiency wages in the market for labor? - correct answers.An increase in the demand for labor (rightward shift in the labor demand curve) An increase in the equilibrium real wage In the market for labor unemployment indicates that labor supply _____ labor demand. - correct ds In the market for labor job openings indicates that labor supply _____ labor demand. - correct short of From looking at the Beveridge curve it seems that there is _______ relationship between the job openings rate and the unemployment rate. - correct answers.a negatively sloped Say that a change in immigration policy