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 marginal product of the fourth worker is
A. 2.
B. 3.
C. 12.
D. 14.
Answer: A
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When measuring effectiveness of a treatment, surrogate measures reflect clinical efficacy and include
a. recurrence of the disease b. death c. bone-mass density (BMD) d. hip fractures e. scores on standard evaluative exams such as EuroQol or SF-36
A favorable supply shock shifts the short-run Phillips curve
a. right and inflation rises. b. right and inflation falls. c. left and inflation rises. d. left and inflation falls.
What do economists believe causes sustained inflation?
a. government printing too much money b. cost of living declining too rapidly c. currency supply falling gradually d. popular faith in paper money rising
Prior to 1996 the government measured real GDP using 1987 prices. What would the rapid growth in computers and the fall in computer prices tend to do to the difference between true GDP growth and measured real GDP growth, relative to using a later year?
What will be an ideal response?