The fundamental economic problem is that productive resources are scarce in relation to the demand for them.
Answer the following statement true (T) or false (F)
True
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One possible source of the first Eurocurrency account was a result of the
A) Cold War. B) Second World War. C) Oil Crisis in the 1970s. D) the Erie Canal.
When the tax rates imposed on the rich are high, a reduction in these rates
a. will always lead to a reduction in the tax revenue collected from the rich. b. will not affect the tax revenue collected from the rich. c. will increase the reported incomes of the rich and it may also lead to an increase in tax revenue collected from them. d. will decrease the reported incomes of the rich, and thereby reduce the tax revenue collected from them.
A reduction in the tax rate on income from saving would
a. most directly benefit the poor in the short run. b. increase real wages over time. c. decrease the capital stock over time. d. decrease productivity over time.
Phase of the business cycle during which the economy is growing more slowly than usual
What will be an ideal response?