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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When an economy is at full employment, the unemployment rate is zero percent
Indicate whether the statement is true or false
On the modern Phillips curve, the beginning of a recession is shown by ________
A) an upward movement along the Phillips curve to a higher inflation rate B) an upward shift of the Phillips curve leading to higher inflation rates for any unemployment rate C) a downward shift of the Phillips curve leading to lower inflation rates for any unemployment rate D) a downward movement along the Phillips curve to higher unemployment rates E) none of the above
Which of the following is true?
A) AFC + AVC = ATC B) The law of diminishing marginal returns states that as the use of an input increases, its MPP will eventually fall C) If total economic surplus is positive due to a shift in a demand or supply curve, society is better off D) All of the above
The reason for the long-run decline of the agricultural industry is that the:
A. Increases in the demand for farm products have been greater than the increases in the supply of farm products B. Increases in the demand for farm products have been less than the increases in the supply of farm products C. Decreases in the demand for farm products have been less than the increases in the supply of farm products D. Increases in the demand for farm products have been greater than the decreases in the supply of farm products