Total productivity of labor is measured as the total output produced by an additional worker.

A country has a current account deficit of -$100 billion. This implies that ________

A) payments to foreigners exceed payments received from foreigners B) its exports exceed its imports by $100 billion C) net factor payments from abroad is positive D) net transfers from abroad is positive

For each of the following changes, show the effect on the demand curve and state what will happen to market equilibrium price and quantity in the short run

a. Consumers expect that the price of the good will be higher in the future. b. The price of a substitute good rises. c. Consumer incomes fall, and the good is normal. d. Consumer incomes fall, and the good is inferior. e. A medical report is published showing that this good is hazardous to your health. f. The price of the good rises.