Assume the table shown is for a hat factory, and shows the total production of hats given various numbers of employees. Diminishing marginal product sets in with the:
A. fourth worker.
B. third worker.
C. fifth worker.
D. second worker.
A. fourth worker.
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According to the EPA’s first prospective study of the Clean Air Act Amendments (CAAA) of 1990,
a. these amendments do not pass the feasibility test b. the estimated present value of benefits outweigh the present value of costs c. the CAAA achieve allocative efficiency d. the present value of net benefits associated with these amendments are negative
The largest percentage of federal income tax revenue in the United States is paid by the
A) middle income taxpayers. B) highest income taxpayers. C) lowest income taxpayers. D) All groups of taxpayers—low income, high income and middle income—pay the same percent of federal income taxes.
Between 1800 and 1840, land laws became increasingly ___________ , primarily due to _____________
a. conservative; increases in the price per acre of available land b. conservative; legal limits on the sale of land to farmers c. liberal; the extension of long-term credit by the federal government to land buyers d. liberal; decreases in the minimum acreage required for purchase
When equilibrium GDP is greater than potential GDP, jobs are plentiful and labor is in great demand
a. True b. False Indicate whether the statement is true or false