Table 7-1
Workers Toys1 5212322430535?
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?
In Table 7-1, the marginal physical product begins to diminish with the addition of the
A. second worker.
B. third worker.
C. fourth worker.
D. Marginal returns never diminish in Table 7-1.
Answer: C
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Keynes believed that the economy could stay in period of unemployment for a long time period without self-correcting
a. True b. False Indicate whether the statement is true or false
Internalizing an externality makes _____
a. consumers pay a price that is equal to their private willingness to pay b. producers charge a price that is equal to the marginal cost of production faced by them c. the government tax a third party who has been affected by the externality d. market participants consider the costs of or benefits to other parties while making decisions
Which of the following Lorenz curves is closest to the diagonal line?
A. The after-transfer income distribution B. The after-tax income distribution C. The before-tax distribution of income D. The before-tax, before-transfer income distribution
As a country's human capital increases, we observe that
A. Worker productivity increases. B. Sector service jobs decreases. C. Labor-intensive production processes increases. D. None of the choices are correct.