Which of the following is true for the period between 1860 and 1910?
(a) The number of people in the labor force increased at a faster pace than the total population.
(b) The workday lengthened.
(c) Real national income decreased.
(d) All of the above.
(a)
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If insurance companies are able to gather more and better information on their customers, this will
A) help reduce the problem of adverse selection but do nothing to help with the problem of moral hazard. B) help reduce the problem of moral hazard but do nothing to help with the problem of adverse selection. C) help reduce the problems of adverse selection and moral hazard. D) do nothing to help with the problems of moral hazard and adverse selection.
Sam quits his job as an airline pilot and opens his own pilot training school. He was earning $40,000 as a pilot. He withdraws $10,000 from his savings where he was earning 6 percent interest and uses the money in his new business. He uses a building he owns as a hangar that he could have rented out for $5,000 per year. He rents a computer for $1,200, buys office supplies for $500, rents an
airplane for $6,000 . pays $1,300 for fuel and maintenance, and hires one worker for $30,000 . Sam's total revenue from pilot training classes this year equaled $90,400 . How did Sam's business do this year? a. Sam realized an economic profit of $3,400 this year. b. Sam realized an economic loss of $3,400 this year. c. Sam realized an economic profit of $5,800 this year. d. Sam realized an economic profit of $3,800 this year. e. Sam realized an economic loss of $3,800 this year.