Which statement is true?
A. The United States' economic system leads to an equitable distribution of income.
B. One of the basic functions of the United States' government is to transfer some income from the rich and the middle class to the poor.
C. The price mechanism and the definition of economics are incompatible.
D. None of the statements are true.
B. One of the basic functions of the United States' government is to transfer some income from the rich and the middle class to the poor.
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A perfectly competitive firm's short-run supply curve is
A) its marginal cost curve above the shutdown point. B) its average total cost curve above the minimum of the average variable cost. C) its average variable cost curve above the breakeven point. D) horizontal at the market price.
The most important indirect taxes in the United States are
A. federal and state income taxes. B. inheritance taxes. C. corporate profits taxes. D. sales and property taxes.
Advocates of fixed rules believe that politicians focus more on reelection than on sound policy.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 28.6 below to answer the question(s) that follow.
Figure 28.6Refer to Figure 28.6. Which panel represents the short-run Phillips curve?
A. A B. B C. C D. D