In: Economics
1. According to the Bureau of Labor Statistics, a person who is
selfminusemployed is considered
A.unemployed.
B.employed.
C.not in the labor force.
D.a discouraged worker.
2. Employment protection laws make it ________ for firms to
hire people, which can result in a(n) ________ in the number of
people who are structurally unemployed.
A.less risky; decrease
B.more risky; increase
C.less risky; increase
D.more risky; decrease
3. The health care system in Canada is referred to as ________,
and is a system in which the provincial governments provide
national health insurance to all Canadian citizens.
A.a singleminuspayer system
B.a universal health insurance system
C.socialized medicine
D.a private health care system
4. With respect to the insurance market, what is adverse
selection?
A.Adverse selection refers to the situation in which a person
purchasing an insurance policy takes advantage of knowing more
about his health than the insurance company knows.
B.Adverse selection refers to people who purchase one type of
insurance policy when they would have been better off purchasing a
different policy.
C.Adverse selection refers to the actions people take before they
purchase an insurance policy.
D.Adverse selection refers to the actions people take, after they
purchase an insurance policy, that make the insurance company
worse off.
1) Solution: employed
Explanation: A self-employed (working in their own profession, business, or farm) are considered as employed by Bureau of LaborStatistics
2) Solution: more risky; increase
Explanation: The employment-protection laws makes difficult for firms to hire thus also increases the structural joblessness
3) Solution: universal health insurance system
Explanation: Canada's universal health insurance coverage system is a publicly funded health-care system
4) Solution: Adverse selection refers to the situation in which a person purchasing an insurance policy takes advantage of knowing more about his health than the insurance company knows
Explanation: Adverse selection is an issue where the buyers of insurance have more information in regard to whether they are low-risk or high-risk than the insurance company does.