Number of WorkersUnits of Output001402903126415051656180Refer to the above data. The marginal product of the sixth worker is:
A. negative.
B. 180 units of output.
C. 15 units of output.
D. 30 units of output.
Answer: C
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Figure 11-4
Physicians have two types of patients: private patients who pay directly or with insurance, and Medicaid patients whose care is paid for by the state. Physicians must lower prices to attract more private patients, but they can add unlimited Medicaid patients at a constant price. The situation facing Dr. Casey is depicted in Figure 11-4. Units of medical service (say, number of patients × number of visits) are measured on the horizontal axis. How many units of medical service will Dr. Casey deliver to Medicaid patients?
A. OA B. AC C. OC D. OD
If an economy uses silver as money, then that economy's money
a. serves as a store of value but not as a medium of exchange. b. serves as a medium of exchange but not as a unit of account. c. is commodity money. d. has no intrinsic value.
Price controls are a common feature in the pharmaceutical industry in most developed countries. Which one of the following statements about price controls is true?
a. Canada's use of price ceilings has become the standard practice across Europe. b. Generic competition is more common in countries with strict price controls. c. Countries with the most stringent price controls do the least research. d. Most developed countries use similar methods to control prices in pharmaceutical markets. e. The U.S. is the only major country that relies strictly on market pricing and refuses to use price controls of any kind.