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 four workers is
A. 3.
B. 3.5.
C. 4.
D. 14.
Answer: B
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Is there any difference between fining people who put contaminants into the atmosphere and charging fees for putting contaminants into the air?
A) Not if the fee and the fine are the same per quantity of contaminant. B) Not if the fee per quantity of contaminant is the same as the fine multiplied by the probability of "getting caught." C) Only in the language or rhetoric, but not in the incentives the laws create. D) Yes, because a fee constitutes social authorization while a fine expresses social disapproval.
The natural rate of interest rises with a __________ shift of the __________ curve
A) rightward; IS B) rightward; LM C) leftward; IS D) leftward; LM
An economy could produce above its potential GDP for a short period of time by
a. reducing the size of the labor force. b. increasing the price of final goods and services. c. adding extra shifts of work, such as overtime or night shifts. d. increasing the money supply.
As a result of "money illusion," people:
A. tend to be more upset by a decrease in their real wage than by a decrease in their nominal wage. B. tend to be more upset by an increase in their nominal wage than by a decrease in their real wage. C. tend to be more upset by a decrease in their nominal wage than by a decrease in their real wage. D. tend to be more pleased with an increase in their real wage than by an incre