Which of the following factors have contributed and continue to contribute to long-term economic growth in the U.S.?
(a) Individual rights to vote and popular democracy
(b) Public and private education
(c) Increased labor productivity, capital accumulation
and technological change
(d) All of the above
(d)
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The figure above shows Ronald's budget line. He has a weekly income of $20, which he spends on hotdogs and hamburgers. Now Ronald's income decreases to $10 per week and the price of a hotdog doubles
Ronald's budget line becomes ________ and ________. A) flatter; shifts rightward B) flatter; does not shift C) steeper; shifts rightward D) steeper; shifts leftward
In policy discussions macroeconomic aggregates (inflation, unemployment, and productivity) are called
A) monetary variables. B) fiscal variables. C) target variables. D) interest variables.
A progressive tax means
a. people who make more money pay less total taxes b. the marginal tax rate increases as income increases c. the percentage of income paid out decreases as income increases d. people who are poor receive the proceeds of the tax e. the same thing as a flat-rate tax
Compared to perfect competition, monopoly in the long run
A. restricts output. B. charges a higher price. C. produces at less than minimum average cost. D. All of these responses are correct.