When imposing an excise tax on a good, the burden of the tax is split between consumers and producers. This split is referred to as the _________________________.

The ____________________________________ is a measure of the response of the quantity demanded of a good to a change in its price.

The social worker in Kansas tells Mrs. Wesson that she will never get a baby, or any other child from her agency because

Assume the following group of 150 potential insured’s for health insurance:                             High risk group (50 potential insured’s)               Expected Annual Cost of Health Care Expenditures = $3600/insured                 Medium risk group (50 potential insured’s)               Expected Annual Cost of Health Care Expenditures = $2400/insured                 Low risk group (50 potential insured’s)               Expected Annual Cost of Health Care Expenditures = $1200/insured       Also assume that the insurer is unable to distinguish one class from another and yet the   insured’s have good information regarding their particular risk.   What would be the expected annual cost of health care per insured if all were insured?

In the market for barley, if the price of ethanol (which is made from corn, a crop that competes with barley for farmland) increases dramatically, the _____ barley would _____.

A restaurant manager has estimated that the price elasticity of demand for meals is 2. If the restaurant increases menu prices by 5%, she can expect the number of meals sold to decrease by ___________ and total revenue to ___________.

Look at the figure below: The Demand and Supply of Wheat. If there is an increase in demand of 2,000 bushels at each price, the equilibrium price and quantity will be              and               bushels, respectively.

Although a combination of risk treatments is used to handle most risks, generally speaking, risks classified as high in frequency and high in severity are best handled by which of the following?

The drawing depicts a hand drill – if the drill bit jams when subjected to forces as shown in the drawing (values noted below) determine the absolute values of the internal shear forces acting on the cross section of the drill bit at A. Be sure to use the correct units. a = 3 in, b = 9 in, c = 6 in, d = 6 in, e = 6 in, f (handle  from center line of drill) = 9 in. R = 10 lb, Q = 50 lb, P = 30 lb

With regard to experience rating, which of the following statements is true?