Modern, highly productive economies
A. have no specialization.
B. have a small degree of specialization.
C. have a high degree of specialization.
C. have a high degree of specialization.
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If the demand for a good does not change, how will an increase in the price of that good affect the consumer surplus from it?
What will be an ideal response?
Give an example of a cyclically unemployed person
What will be an ideal response?
Which of the following statements is TRUE about the role that service exports and imports have in the balance of payments?
A) Service exports and imports are not included in the balance of payments because it is impossible to transport a service to another country. B) Service exports and imports are included in the balance of payments in the labor account. C) Service exports and imports are included in the balance of payments in the official reserve transactions account. D) Service exports and imports are included in the balance of payments in the current account.
A progressive income tax system can be defined as one in which
A. the government uses taxes paid by the wealthy to fund programs for the poor. B. an individual pays more dollars in taxes when his income rises. C. the marginal tax rate rises over time. D. the average tax rate is higher for individuals with higher incomes.