The principle of diminishing marginal product states:
A. the total output produced decreases as the quantity of the input increases.
B. the total output produced increases as the quantity of the input increases.
C. the marginal product of an input decreases as the quantity of the input increases.
D. the marginal product of an input eventually will be negative.
Answer: C
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A minimum wage set above the equilibrium wage rate
A) decreases job rationing. B) decreases the natural unemployment rate because fewer workers will become unemployed. C) increases the natural unemployment rate. D) increases the number of workers employed. E) increases the demand for labor.
By 1850, the single largest U. S. commodity export (in terms of value) was:
a. iron railroad tracks. b. wheat. c. cotton. d. slaves.
At the federal level, the single most important tax, accounting for slightly less than half of revenue, is the:
a. corporate income tax. b. personal income tax. c. estate tax. d. property tax. e. sales tax.
The average propensity to save (APS) is the proportion of disposable income that is saved
a. True b. False Indicate whether the statement is true or false