The labor force includes people who i. are less than 16 years of age. ii. are in institutions. iii. are actively seeking a job but do not have a job

When a tax is imposed on buyers, consumer surplus decreases but producer surplus increases

a. True b. False Indicate whether the statement is true or false

The marginal revenue product (MRP) of land declines as more land is brought into production because:

A. land is a "free and nonreproducible gift of nature." B. of diminishing returns. C. land rent has no incentive function. D. the supply of land is fixed.