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 average product of labor with three workers is
A. 3.
B. 3.5.
C. 4.
D. 12.
Answer: C
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The major reasons why people immigrate into the U.S. include the following, except:
A. Taking advantage of superior economic opportunities B. Escaping religious or political oppression in their home countries C. Reuniting with family members who are already U.S. immigrants D. Being kicked out of their home countries
Each member of OPEC can increase its income by selling more oil than its output quota because
A) the demand for oil is perfectly elastic. B) by selling more at OPEC's cartel price, a member will automatically earn more income. C) each member's demand is more elastic than the total demand for oil. D) the demand for oil is inelastic so total revenue increases.
Because of illegal immigrants, the equilibrium wage rate of unskilled labor falls
a. True b. False Indicate whether the statement is true or false
To move up the income ladder and achieve high-income status, countries must
a. have sustained economic growth. b. restrict international trade. c. encourage the production of consumption goods rather than investment goods. d. maintain high inflation.