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. The average product of labor with three workers is
A. 333.
B. 3.5.
C. 5.67.
D. 11.33.
Answer: C
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In the above figure, what happens to the firm's optimal level of output if the price it receives for its product decreases from P4 to P3?
A) Output stays the same. B) Output decreases. C) Output increases. D) There is not enough information provided to know what happens to output.
Most industrialized nations today use a gold standard to establish exchange rates
a. True b. False Indicate whether the statement is true or false
Susan argues that she is the victim of economic discrimination. The primary technical difficulty for an economist investigating her claim will be
a. defining economic discrimination. b. finding a worker with the same productivity as Susan for comparison purposes. c. defining statistical discrimination. d. measuring Susan's human capital.
If the MPC = 0.9, the multiplier would be:
A. 0.1. B. 2. C. 9. D. 10.