Three workers run a house painting business and always work the same number of hours together. The paint they use requires applying two coats. Each worker paints 200 square feet per hour using a roller or 80 square feet per hour using a brush. If a technological advance provides a paint that only requires one coat, their average labor productivity per hour as a team:
A. increases.
B. remains the same.
C. may either increase or decrease.
D. decreases.
Answer: A
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Moral hazard and adverse selection are the result of
A) poorly functioning markets. B) government intervention. C) private information. D) treachery.
If government policymakers intervene in foreign exchange markets to cause the domestic currency to appreciate:
A. this would be harmful to exporters. B. this will benefit all residents of the country. C. this will be beneficial to exporters. D. this would be harmful to importers.
If technological change occurs in the economy,
A) the long-run aggregate supply curve will shift to the left. B) we will move up along the long-run aggregate supply curve. C) we will move down along the long-run aggregate supply curve. D) the long-run aggregate supply curve will shift to the right.
In a given year, a country's GDP = $3843, net factor payments from abroad = $191, taxes = $893, transfers received from the government = $422, interest payments on the government's debt = $366, consumption = $3661, and government purchases = $338
Calculate the values of private saving, government saving, and national saving.