Preview Quiz Chapter 16__ ECON-2302-010

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11/22/22, 4:58 PM Preview Quiz Chapter 16*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3504986 1/6 Preview Quiz Chapter 16* Due Nov 27 at 11:57pm Points 10 Questions 10 Available Nov 21 at 12am - Dec 4 at 11:59pm Time Limit 15 Minutes Allowed Attempts 2 Instructions Attempt History Attempt Time Score LATEST Attempt 1 7 minutes 10 out of 10 Answers will be shown after your last attempt Score for this attempt: 10 out of 10 Submitted Nov 22 at 4:58pm This attempt took 7 minutes. Read Chapter 16 and complete this quiz. Take the Quiz Again 1 / 1 pts Question 1 A ____________________ is a promise that the buyer's money will be refunded under certain conditions. money-back guarantee service contract insurance policy warranty
11/22/22, 4:58 PM Preview Quiz Chapter 16*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3504986 2/6 1 / 1 pts Question 2 A ________________ exists when the buyer pays an extra amount and the seller agrees to fix anything that goes wrong for a set time period. money-backed guarantee warranty money-back warranty service contract 1 / 1 pts Question 3 When people have insurance against a certain event, the notion that those people are less likely to guard against that event occurring is called a _____________________. risk moral risk moral hazard hazard risk 1 / 1 pts Question 4
11/22/22, 4:58 PM Preview Quiz Chapter 16*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3504986 3/6 If buyers become reluctant to purchase high-quality goods because they can't be confident of purchasing a high-quality product, then a large number of buyers will communicate the need for lower prices. the equilibrium price and quantity will be adversely affected by a thin market. a large number of sellers will communicate their intention to raise prices. a large number of buyers and sellers will be willing to barter to agree on price. 1 / 1 pts Question 5 What do an optician and a lawyer share in common? each must warranty their services each must provide a money-back guarantee government regulators require that each must guarantee their services need for a valid occupational license from government regulators 1 / 1 pts Question 6 If a website facilitates the sale of goods by individuals and businesses over the internet, but requires actual photos of every item for sale to be
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11/22/22, 4:58 PM Preview Quiz Chapter 16*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3504986 4/6 posted instead of a manufacturer's stock picture of the product, demand and supply of products in good condition will shift due to the improved information. If the quantity demanded shifts by more than supply, quantity will likely ___________ and price will likely ___________. decrease, be indeterminate increase, be indeterminate decrease, increase increase, increase 1 / 1 pts Question 7 Jeremy is an 18 year old college student with no prior credit history, who still lives at home. He will have a part-time job while he is attending college and has applied for a car loan. In these circumstances, the bank's loan officer will most likely approve the loan if Jeremy can sign over his parent's car as collateral. maintain a "B" grade average. increase his student loan. provide a cosigner on the loan. 1 / 1 pts Question 8 Martha has decided to purchase a new home constructed by Crown Builders. In addition to Crown Builder's good reputation in the industry,
11/22/22, 4:58 PM Preview Quiz Chapter 16*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3504986 5/6 which of the following likely influenced Martha's decision to purchase a new home? builder's no-charge service contract covering first year money-back guarantee for the solar hot water system low-cost extended warranty on the air conditioner lower insurance premiums because of safety inspections 1 / 1 pts Question 9 An insurance company is likely to believe that having a major accident is a signal of being a _____________, and thus try to _________________. moral hazard; deny this driver further coverage medium-risk driver; reduce the amount of this driver's coverage high-risk driver; raise this driver's insurance premiums high-risk driver; compel the driver to take defensive driving courses 1 / 1 pts Question 10 Why has there been a shift away from the traditional fee-for-service structure in the U.S. health care? reduces moral hazard by limiting the quality of care provided.
11/22/22, 4:58 PM Preview Quiz Chapter 16*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3504986 6/6 to address the adverse selection problem associated with the medical profession reduces incentives and moral hazards of added services to increase income prevents insurance companies from raising medical professional insurance premiums Quiz Score: 10 out of 10
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