Refer to Table 7.1. What is the average product of the 4th worker?
A. 4 units of output
B. 3 units of output
C. 16 units of output
D. 6 units of output
A. 4 units of output
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In an effort to discover whether or not workers understand inflation, economist Robert Shiller conducted a survey. When asked about the effect of general inflation on their wages or salary, the most popular response coming from workers was,
A) "My wages usually catch up to rising prices within a year." B) "My wages have always increased by more than the rate of inflation." C) "The price increase will create extra profit for my employer.... There will be no affect on my pay." D) None of the above is correct.
The present value of $300 received 5 years in the future would be calculated as which of the following when the interest rate is 5%?
A) 300/(1.5)5 B) 5.05/300 C) 300/(1.05)5 D) 300 × 1.5 × 5
Given the behavior of the stock market in recent years:
A) most economists still think the efficient markets hypothesis is an accurate description of the daily behavior of the stock market B) most economists think the efficient markets hypothesis provides little insight into the behavior of the stock market C) most economists think the rational investor can outperform the stock market in the long run D) many economists still believe that it is unlikely that investors can hope to earn above-average returns in the stock market by following traditional strategies
The restricted opportunity cause of poverty is due to government destroying incentives
Indicate whether the statement is true or false