Refer to Scenario 7.8 below to answer the question(s) that follow. SCENARIO 7.8: A swimming pool cleaning company has the following production possibilities. With one, two, three, and four workers, the company can clean 5, 12, 17, and 20 pools per day, respectively. Refer to Scenario 7.8. Diminishing returns to labor set in with the ________ worker.
A. first
B. second
C. third
D. fourth
Answer: C
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Which of the following will happen if some firms in a monopolistically competitive market incur losses in the short run and the market conditions are not expected to change?
A) The existing firms will continue production in the long run. B) The demand for the goods produced by the firms will decrease. C) New firms will enter the industry in the long run. D) Some firms will exit the industry in the long run.
Income elasticity of demand is greater than zero for all of the following except
a. restaurant meals b. beer c. owner-occupied housing d. food e. rental housing
Consider the model: log (wage) = alt="" class="Wirisformula" data-wiris-created="true" src="@@PLUGINFILE@@/ppg__cognero__Ch_07_Multiple_Regression_Analysis_with_Qualitative_Information__media__2b682f74-b87d-436e-a981-c7fbda5cd7aa.PNG" style="vertical-align:middle;" />female * graduate + u , where graduate is a dummy variable (1 if the person has graduated from college, and 0 otherwise), and female is a dummy variable (1 if the person is female, and 0 otherwise). Which of the following measures the return of graduating from college for men?
A. 
+ 
female + 
graduate + 
+ 
B. 
+
C. + 
D. 
+ 
The percentage of African-Americans whose incomes are in the top 40% of income earners in the U.S. is
A. about 23%. B. about 50%. C. about 36%. D. about 40%