The distribution of income has become more equal since 1929
a. True
b. False
Indicate whether the statement is true or false
True
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Use the following graphs of production possibilities curves to answer the next question.
Suppose the world economy is composed of just two countries: Italy and Greece. Each can produce steel or chemicals, but at the different levels of economic efficiency shown in the graphs. It can be deduced that
A. Greece has a comparative advantage in chemicals. B. it is more costly in terms of resources to produce steel in Italy. C. Greece has the absolute advantage in both products. D. Italy has a comparative advantage in chemicals.
During a severe recession, the government decides to lower its tax rates to give consumers relief, and allow them to pay less in taxes. This is an example of:
A. discretionary fiscal policy. B. an automatic stabilizer. C. contractionary fiscal policy. D. expansionary fiscal policy.
A self-managed team is still headed by a boss
Indicate whether the statement is true or false
What name is given to the economic process of turning inputs into outputs that a business will sell to customers?
A. Revenue B. Production C. Profit maximization D. Profit