An advance in technology commonly refers to the ability to produce
What will be an ideal response?
the same output with a smaller quantity of resources.
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Refer to the scenario above. Which of the following is likely to happen if Elly is known to be vengeful?
A) Neither of them will make money. B) Only Elly will make money. C) Only Elly's employee will make money. D) Both Elly and her employee will earn money.
The best example of a direct tax is a(n)
a. excise tax. b. liquor tax. c. sales tax. d. income tax.
A central bank pledges to reduce the inflation rate from 20% to 5%. People reduce their inflation expectations to 10%, but the central bank only reduces inflation to 15%. What happens to the unemployment rate?
If the equilibrium price of corn is $3 a bushel and the government imposes a floor of $4 a bushel, the price of corn will _______________________.
A. Increase to $4 B. Remain at $3 C. Rise to about $3.50 D. Be impossible to determine