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 marginal product of the fourth worker is
A. 2.
B. 3.
C. 17.
D. 20.
Answer: B
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Two CEOs from different firms in the same market collude to fix the price in the market. This action violates the
a. Clayton Act of 1914. b. Sherman Antitrust Act of 1890. c. Crandall-Putnam ruling of 1983. d. Jackson-Microsoft ruling of 2000.
The school of thought that emphasizes the natural tendency for an economy to move toward equilibrium full employment is known as the:
A. Keynesian school. B. supply-side school. C. rational expectations school. D. classical school.
Which of the following is characteristic of a purely competitive seller's demand curve?
A. Price and marginal revenue are equal at all levels of output. B. Average revenue is less than price. C. Its elasticity coefficient is 1 at all levels of output. D. It is the same as the market demand curve.
A country’s trade deficit is the excess of its imports over its exports.
Answer the following statement true (T) or false (F)