In the United States, the rich pay a disproportionate share of the cost of government
Indicate whether the statement is true or false
TRUE
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When an asset is used as a universal yardstick that is used for expressing the worth of different goods and services, it is serving the function of a ________
A) unit of account B) medium of exchange C) store of value D) loanable fund
Suppose the cost of raw materials used by the cotton industry rises to a larger extent compared to the increase in demand in the market. Which of the following situations will arise?
a. The incidence of the higher cost will fall completely on the consumers. b. The incidence of the higher cost will fall completely on the high cost firms. c. The incidence of the higher cost will fall completely on the low cost firms. d. The incidence of the higher cost will fall partially on the consumers and partially on the sellers.
Trade between countries tends to a. reduce both competition and specialization
b. reduce competition and increase specialization. c. increase competition and reduce specialization. d. increase both competition and specialization.
The primary international reserve asset is foreign currency, mainly _____
a. Japanese yen b. eurobonds c. ringgit d. U.S. dollars e. Chinese yuan