Refer to Scenario 7.7 below to answer the question(s) that follow. SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively. Refer to Scenario 7.7. The average product of labor with four workers is
A. 3.
B. 3.5.
C. 4.
D. 14.
Answer: B
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Water bottlers announce that next month the price of bottled water will rise by 25 percent. Which of the following occurs immediately?
A) The demand for bottled water decreases. B) The demand for bottled water increases. C) The quantity of bottled water demanded increases. D) The quantity of bottled water demanded decreases. E) None of the above answers is correct because it is the supply that immediately changes, not the demand.
The nominal interest rate will be less than the real interest rate when
A) the rate of inflation is negative. B) the real interest rate is negative. C) the rate of inflation is positive and increasing. D) the rate of inflation is positive but decreasing.
Regarding income distribution and the distribution of wealth
A) wealth is a stock concept and income a flow concept. B) a stock is evaluated at a given moment in time; a flow is evaluated during a period of time. C) income, a flow, can be viewed as a return on wealth. D) All of the above are correct.
Ensuring that high-quality public education is freely available to all children is one of the most important ways that a country can:
A. increase its foreign direct investment. B. decrease its stock of human capital. C. decrease its productivity. D. increase its stock of human capital.