Economic progress comes primarily through
What will be an ideal response?
entrepreneurial action directed by competitive markets.
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Under a negative income tax program, if a minimum income is set at $16,000 for a family of four and the tax rate is 25%, a family earning $8,000 would have an after tax income of
a. $16,000 b. $8,000 c. $22,000 d. $6,000 e. $12,000
Which statement is false?
A. The 1920s was a very prosperous decade. B. One of the main features of the 1970s was stagflation. C. There were no recessions in the 1950s. D. None of these statements are false.
Based on our understanding of consumption and saving, we know that the marginal propensity to consume and the marginal propensity to save must
A) be equal to each other. B) sum to exactly one. C) sum to less than one. D) sum to more than one. E) be equal to the multiplier.
Mary Kay Ash was one of the first individuals who sold cosmetics directly to customers via independent sales representatives. The company founded by Mary Kay is now one of the largest and most successful cosmetics companies in the world. Mary Kay Ash would be classified as a(n)
A. entrepreneur. B. socialist. C. opportunist. D. monopolist.