Recall the Application about the government of Mexico City repainting highway lane lines to transform a 4-lane highway into a 6-lane highway to answer the following question(s).When computing percentage changes, using the simple approach results in increases and decreases which are:
A. identical.
B. symmetric.
C. not symmetric.
D. more accurate than using the midpoint method.
Answer: C
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________ and ________ are the largest sources of revenue collected by the federal government
A) Individual income taxes; corporate income taxes B) Individual income taxes; social insurance taxes C) Excise and other taxes; individual income taxes D) Corporate income taxes; excise and other taxes
Suppose a dangerous workplace is made safer through the installation of guards and other equipment that reduce the physical hazards of the work environment. If we observe no reduction in injuries, we might conclude that
A) the safety equipment isn't adequate and better equipment should be installed. B) the firm has responded by lowering wages and hiring less capable people who are more likely to be injured. C) the injury rate before installation of the safety equipment had been underreported. D) workers responded to the safer environment by not exercising as much care themselves, generating more injuries than if they had not changed their behavior.
When government mandates participation in a program to solve an information asymmetry problem, it is trying to prevent:
A. moral hazard. B. adverse selection. C. building a reputation. D. illegal screening.
Free trade leads to an overall improvement in the standard of living in a country because everything is produced at the lowest possible cost
a. True b. False Indicate whether the statement is true or false