A society allocates its scarce resources to various uses. These scarce resources include
a. land.
b. people.
c. machines.
d. All of the above are correct.
d
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In the figure above, in which country do the highest-income 30 percent of households have the highest fraction of the nation's income?
A) Country A B) Country B C) Country C D) It is impossible to answer the question without more information.
The circular flow model of the economy shows
a. the flow of money, goods, and services between households and firms b. why specific flows occur c. the relationship between money and goods within households d. the relationship between resources and the prices of resources e. the flow of resources from households to firms
Wages tend to be sticky
a. because of contracts, social norms, and notions of fairness. b. because of contracts, but not social norms or notions of fairness. c. because of social norms and notions of fairness, but not contracts. d. None of the above are correct.
Briefly explain the benefits of a flat tax.
What will be an ideal response?