Marginal product crosses the horizontal axis (is equal to zero) at the point where
A) average product is maximized.
B) total product is maximized.
C) diminishing returns set in.
D) output per worker reaches a maximum.
E) All of the above are true.
B
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Intergovernmental revenue transfers can effectively cartelize local governments
a. True b. False
Based on the rising housing prices of 2000-2005, many buyers opted for interest-only loans and variable rate mortgages with little or no down payment because
a. they expected short-term interest rates to fall substantially in the future and this would reduce their monthly mortgage payment in the years ahead. b. variable rate mortgages are a good way to reduce the risk accompanying your investment when you plan to stay in the house for a long time. c. they thought housing prices would continue to rise and therefore they would be able to sell the house for a profit within a couple of years. d. they could easily recoup their investment, even if there was a downturn in housing prices in the future.
If incomes were equally distributed in the United States, each fifth of the population would receive ____ percent of the income.
A. 5 B. 10 C. 15 D. 20
The main policy tool for manipulating consumer spending is personal income tax, but this tool takes time to have an effect.
Answer the following statement true (T) or false (F)