Refer to the table above. Which of the following statements is true about the marginal product of labor?
A) The marginal product initially decreases with the first few workers and then increases.
B) The marginal product initially increases with the first few workers and then decreases.
C) The marginal product decreases as more workers are hired.
D) The marginal product increases as more workers are hired.
B
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Use the following figure to answer the next question.
A shift from AD1 shifts to AD2 would be consistent with what economic event in U.S. history?
A. demand-pull inflation in the late 1960s B. recession in 2007-09 C. cost-push inflation in the mid-1970s D. full-employment in the late 1990s
A distorting tax can improve economic welfare when other taxes that already distort decisions are present.
Answer the following statement true (T) or false (F)