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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Refer to the scenario above. If both economies have the same depreciation rate, then which of the following statements will be true?
A) Economy A will have a greater capital stock and a lower GDP than economy B. B) Economy A will have a greater capital stock and GDP than economy B. C) Economy A will have a lower capital stock and GDP than economy B. D) Economy A will have a lower capital stock and a greater GDP than economy B.
The short-run Phillips curve presents a tradeoff because a
A) lower unemployment rate can be achieved at the cost of a higher inflation rate. B) higher inflation leads to a higher nominal interest rate. C) lower unemployment rate can be achieved at the cost of a lower inflation rate. D) higher price level leads to a lower real GDP. E) higher unemployment rate can be achieved at the cost of a higher inflation rate.
If each of us relied exclusively on the market to determine what to buy, we would probably end up with few, if any
a. streetlights b. strawberries c. CDs d. raincoats e. televisions
Which of the following restricts the volume of international trade?
What will be an ideal response?