Seven of the 50 states account for approximately half of all union members in the United States.
a. true
b. false
Ans: a. true
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Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Firm X ($/day) $500$514$530$555$585 Cost to Firm Y ($/day) $400$420$445$480 $520Cost to Firm z ($/day) $300$325$360$400 $550Suppose the government requires each firm to reduce pollution to 2 tons of smoke per day, so that total daily smoke emission is 6 tons. The total cost to society of this policy will be ________ per day.
A. $42 B. $59 C. $135 D. $230
Which one of the statements is true? a. Diminishing returns is a long-run concept while decreasing returns to scale is a short-run concept
b. Diminishing returns is a short-run concept while decreasing returns to scale is a long-run concept. c. Diminishing returns is a both short and long-run concept while decreasing returns to scale is a short-run concept. d. Diminishing returns is a long-run concept while decreasing returns to scale is a short and long-run concept.
The shorter the period of time being considered, the less rapidly will diminishing marginal utility set in
a. True b. False Indicate whether the statement is true or false
Which of the following limits the ability of the current system of transfer programs to increase the incomes of the able-bodied poor?
a. The high implicit marginal tax rates that accompany the current income transfer programs reduce the incentive of the poor to earn. b. The transfer programs encourage the poor to marry and form dual-earner families. c. The transfer programs tend to increase the wages that employers are required by law to pay for low-skill labor. d. The transfer programs reduce the likelihood of single-parent families.