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 four workers is
A. 3.
B. 3.3.
C. 5.
D. 13.5.
Answer: C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
When there is a positive externality in a free market, too much of the good is produced and consumed
Indicate whether the statement is true or false
During the Civil War, __________ fell in the North
a. nominal wages b. real wages c. prices d. All of the above
The following table provides nominal exchange rates for the U.S. dollar.CountryForeign currency/dollarDollar/foreign currencySwitzerland (franc)1.7300.578Brazil (real)1.8210.549 Based on these data, the nominal exchange rate equals approximately ________ reals per Swiss franc or, equivalently, ________ Swiss francs per real.
A. 0.950; 1.053 B. 1.053; 0.950 C. 3.551; 0.282 D. 0.282; 3.551