When the economy slows down and national income falls, the government will have ________ tax revenue to fund programs.
A. more
B. less
C. about the same
D. a rapid increase in
Answer: B
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Whenever a society forgoes current consumption to invest in capital goods,
A) it will have less to consume next year. B) it will be easier for that society to consume less in the future because people will become accustomed to less. C) that society can consume more in the future. D) it will be forced to produce fewer capital goods in the future.
What are the primary sources of economic growth? Why are our real incomes and living standards today so much higher than those of our great grandparents 50 or 100 years ago? Why is the income per person so much higher in some countries than others?
Compared to high-income developed countries, the per person income levels of poorer less developed countries are somewhat understated because
What will be an ideal response?
Studies have shown that drinking one glass of red wine per day may help prevent heart disease. Assume this is true, and a fungal disease destroys a large portion of the grape harvest of California vineyards. In the market for red wine, these two
developments would A) increase demand and increase supply, resulting in an increase in the equilibrium quantity and a decrease in the equilibrium price of red wine. B) increase demand and decrease supply resulting in a decrease in both the equilibrium quantity and the equilibrium price of red wine. C) increase demand and decrease supply, resulting in an increase in the equilibrium price and an uncertain effect on the equilibrium quantity of red wine. D) increase demand and decrease supply, resulting in an increase in both the equilibrium price and the equilibrium quantity of red wine.