Refer to the accompanying table. It is clear that diminishing returns sets in after ________ workers per day.Number of Workers Per DayOutput Per Day001328315424532639
A. 5
B. 3
C. 4
D. 6
Answer: C
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The Coase Theorem suggests that negotiations to eliminate an externality allow the resource to
A. stop causing the externality altogether. B. move to the person who values it the most. C. move to the person who needs it the most. D. continue to benefit everyone.
Refer to Scenario 14.3. What is the marginal profit from hiring the third unit of labor?
A) 30 B) 65 C) 85 D) 225 E) none of the above
A progressive income tax system can be defined as one in which
a. the government uses taxes paid by the wealthy to fund programs for the poor. b. an individual pays more dollars in taxes when his income rises. c. the marginal tax rate rises over time. d. the average tax rate is higher for individuals with higher incomes.
Demand for a factor can shift for all of the following reasons except?
A. Change in demand for the final product B. Change in the factor's price C. Change in the price of other factors D. Change in technology