A surplus occurs when price is higher than the market equilibrium.
Answer the following statement true (T) or false (F)
True
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Taxes can have an important effect on
A) saving. B) economic growth. C) the labor supply. D) all of the above
In the circular flow model, which of the following flows in the opposite direction from the flow of factors of production?
A) finished goods and services B) wages, rent, interest, and profit C) interests payments of Federal, state, and local governments D) firm's profit incentives E) the goods market
A rational criminal model assumes
A. criminals will commit fewer crimes if the severity of punishment rises. B. criminals commit crimes because they have few legal opportunities. C. criminals will commit fewer crimes if the likelihood of getting caught rises. D. all of the options are correct.
The short-run aggregate supply curve is upward-sloping, while the long-run aggregate supply curve tends to be vertical.
Answer the following statement true (T) or false (F)