Economic engineering:
A. focuses exclusively on social factors that affect incentives.
B. is a scientific approach to economics in contrast to the heuristic supply/demand model.
C. is the process of designing markets and coordinating mechanisms to achieve a specific goal.
D. simulates virtual economies on the computer and lets coordination mechanisms emerge.
Answer: C
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According to Keynes, market economies:
A. quickly recover after they experience a significant decline in aggregate demand. B. are constantly experiencing a significant declines in aggregate demand. C. never experience significant declines in aggregate demand. D. may recover slowly after they experience a significant decline in aggregate demand.
Suppose that a product benefits from a successful advertising campaign. The result is that:
A. the demand for the product increases. B. the demand for the product decreases. C. the supply of the product increases. D. the supply of the product decreases.
The life cycle approach to health care puts people in the position of projecting how many resources they will need to pay for health care when they are old, a problem called the health care poverty problem.
Answer the following statement true (T) or false (F)
Refer to Scenario 7.7 below to answer the question(s) that follow. SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively. Refer to Scenario 7.7. The marginal product of the third worker is
A. 2. B. 3. C. 4. D. 12.