Which is the most accurate statement about the Personal Responsibility and Work Opportunity Act of 1996?
A. The decline in the welfare rolls since the mid-to-late 1990s was due entirely to this law.
B. This law was directly responsible for throwing millions of the poor out on the street.
C. The law validated President Clinton's promise "to put an end to welfare as we know it."
D. The law had very little success in removing people from the welfare rolls.
C. The law validated President Clinton's promise "to put an end to welfare as we know it."
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Which of the following is the most accurate definition of a worker's "marginal revenue product"?
a. The change in the firm's profits as the result of hiring an additional worker. b. The change in the firm's total revenue as the result of hiring an additional worker. c. The change in the firm's output as the result of hiring an additional worker. d. The change in the firm's cost as the result of hiring an additional worker.
Explain why a monopolist does not have a supply curve.
What will be an ideal response?
Government debt increases the interest rate and private investment
Indicate whether the statement is true or false
The concept of diminishing marginal utility:
A. is the change in total utility that comes from consuming one additional unit of a good or service. B. is the principle that the additional utility gained from consuming successive units of a good or service tends to be smaller than the utility gained from the previous unit. C. is the principle that the additional utility gained from consuming different bundles of goods and services tend to be smaller than the utility gained from consuming just one bundle of goods and services. D. explains why individuals rarely maximize their total utility.