Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3.
B. -3/4.
C. -1.5.
D. -20.
Answer: A
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When a product benefits people other than the buyer of the product, the product is said to have
A) an external cost. B) an excludable cost. C) an external benefit. D) an excludable benefit. E) a subsidized benefit.
Which of the following will lead to a decrease in the firm's short-run demand for labor?
A) an increase in the price of the final product B) an increase in price of the final product's substitute good C) a decline in labor productivity D) an increase in the number of buyers for the final product
The negative income tax has little support among economists because it distorts incentives to work.
Answer the following statement true (T) or false (F)
Total utility decreases when diminishing marginal utility is present
a. True b. False Indicate whether the statement is true or false