Refer to the information provided in Figure 7.4 below to answer the question(s) that follow. 
Figure 7.4Refer to Figure 7.4. Diminishing marginal returns begin when the ________ worker is hired.
A. first
B. second
C. third
D. fifth
Answer: C
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Which of the following will cause a decrease in producer surplus?
a. the imposition of a nonbinding price ceiling in the market b. buyers expect the price of a good to be higher next month c. the price of a substitute increases d. income increases and buyers consider the good to be inferior
The U.S. International Trade Commission rejects many antidumping and countervailing duty allegations because there is:
a. insufficient evidence that a U.S. industry is materially injured as a result of dumping or export subsidization. b. insufficient evidence of dumping or export subsidization. c. insufficient evidence of dumping or export subsidization and insufficient evidence that a U.S. industry is materially injured as a result of dumping or export subsidization. d. no evidence of dumping or export subsidization, but there is evidence that a U.S. industry is materially injured.
Which of the following is not a variable in the index of leading indicators?
A. average work week B. duration of unemployment C. unemployment claims D. new building permits
When do new firms tend to enter a competitive industry?
a. When the large firms in the industry are earning zero profit. b. When the smaller firms are leaving the industry. c. When the new entrants can earn positive profits. d. When there is an absence of fixed costs in the long run.