Real wages more accurately reflect the payment to labor because they are adjusted for the effects of inflation.
Answer the following statement true (T) or false (F)
True
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The largest revenue source in the U.S. federal tax system is the corporate income tax
a. True b. False Indicate whether the statement is true or false
The slope of the budget line is determined only by the prices of the commodities purchased
a. True b. False Indicate whether the statement is true or false
In real life, people's behavior is constrained by:
A. laws of nature. B. costs of various actions. C. legislated rules of society. D. All of these are rules that constrain people's behavior.
The law of demand states that:
A. as the price of a good increases, more units are demanded. B. there is a direct relationship between the price of a good and the quantity of the good produced. C. there is a negative relationship between the price of a good and the quantity of the good demanded. D. there is an increase in the need for a good as the price of the good increases.