The income effect of a price change refers to the change in the quantity demanded of a good that results from a change in the price of a substitute product

Which of the following is true regarding pollution charges?

i. They force a polluter to pay a price for its pollution. ii. They are based on the marginal external cost of pollution. iii. The fee that produces the efficient amount of pollution is easily determined. A) i only B) i and ii C) ii and iii D) i, ii, and iii E) i and iii

Due to diminishing marginal returns, the ultimate source of economic growth in the United States from 1949 to 2010 has been

A) capital. B) labor. C) total factor productivity. D) Capital, labor, and total factor productivity are all subject to diminishing marginal returns, and therefore are all equally responsible for economic growth.