Q1. Elucidate how do Latin America countries relate to the Adam smith model?

Q2. Illustrate what would happen to premiums if the probabilities of houses burning were positively correlated also can you think of a situation where they might be negatively correlated?

Q3. Elucidate why from an economic point of view towing a car illegally parked rather than just ticketing it provides a better incentive (for both rich also low income individuals) not to break the law.