According to your authors, "wealth = material things"
A) must be rejected.
B) makes sense to economists, but not non-economists.
C) is the correct definition of wealth.
D) helps us understand the foundations of what Adam Smith called the commercial society.
A
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The only way the standard of living of the average person in a country can increase is if ________ increases faster than ________
A) population; production B) population; income C) population; GDP per capita D) production; population
A decrease in income will cause a consumer's budget constraint to
a. shift outward, parallel to its initial position. b. shift inward, parallel to its initial position. c. pivot along the horizontal axis. d. pivot along the vertical axis.
A noncooperative game is
A) companies colluding in order to make higher than competitive rates of return. B) the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry. C) a game in which firms will not negotiate in any way. D) when plans made by firms are known as game strategies.
Jose earns $150,000 per year and Josephina earns $80,000 per year. If Jose pays $15,000 in income taxes and Josephina pays $5,000 in income taxes, the income tax system would be
A. progressive. B. regressive. C. proportional. D. marginal.