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Government provides disaster relief for homeowners who lose their homes in a flood is the following government policies is moral hazard not a concern.
Which of the following is a moral hazard example?
Moral hazard is the name given to this economic idea. Example: Your home is not protected against potential harm by insurance. It implies that in the event of an incident like a fire or burglary, you will be entirely responsible for any losses.
Which one of the following statements best sums up the idea of adverse selection?
When vendors and/or purchasers have different knowledge about a certain component of a product's quality, this is referred to as adverse selection. Thus, those who work in hazardous environments or lead high-risk lives are more likely to buy life or disability insurance, knowing that they will likely be able to use it.
Which of the following factors contributes most to moral hazard and adverse selection?
A lack of resources or income to control costs. In theory, it is thought that the lack of sufficient income or resources to control future costs is what drives people to engage in moral hazard and adverse selection.
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