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 second worker is
A. 3.
B. 4.
C. 5.
D. 9.
Answer: C
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When an economy experiences strong economic growth,
a. the number of families in the bottom 10 percent of the income distribution decreases b. the income of families in the bottom of the income distribution increases c. only the top of the income distribution is affected d. the accompanying inflation cancels out any change in income distribution e. the rich are no better off because taxes rise with income
Property taxes are
A. used primarily by states to finance state welfare programs. B. the primary source of Federal revenue sharing funds. C. the largest source of tax revenue for local governments. D. collected primarily at the Federal level.
Which of the following programs would redistribute consumer surplus in favor of those with less surplus in an otherwise free market economy?
A. Providing welfare payments to the poor that are paid for by income taxes B. Eliminating estate taxes C. Ensuring that the market results in an efficient outcome D. Enforcing existing property rights
Refer to the graph shown. With a tariff on lumber imported from Canada of $6 per ton, the revenue the government would collect from the import of lumber would be:
A. $3,600. B. $4,800. C. $4,200. D. $0.