The factors of production are the:
A. list of inputs required for a given durable good.
B. ingredients that go into making any good or service.
C. costs and benefits of a given production process.
D. outputs that society as a whole have chosen to produce.
Answer: B
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Ignoring any supply-side effects, when taxes are hiked, real GDP ________ and the price level ________
A) increases; rises B) decreases; rises C) increases; falls D) decreases; does not change E) decreases; falls
What three characteristics do all games have in common?
What will be an ideal response?
Cost-push inflation is due to:
a. energy cost increases. b. labor cost increases. c. raw material cost increases. d. All of the answers are correct.
Refer to the information provided in Figure 19.1 below to answer the question(s) that follow. 
Figure 19.1 Refer to Figure 19.1. After firms can respond to the payroll tax, the per-hour wage that workers take home will ________ compared to the original equilibrium wage.
A. decrease by $2 B. increase by $5 C. decrease by $5 D. increase by $3