As a general rule, when an income tax is added to the basic macroeconomic model, what happens to the consumption schedule?
A. It will shift downward.
B. It will shift upward.
C. It will become flatter.
D. It will become steeper.
Answer: C
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a. True b. False Indicate whether the statement is true or false
Suppose total cost is $1,000 when output is zero, $1,200 when output is one, and $1,500 when output is two, then which of the following is true?
a. Average total cost is $500 when two units of output are produced. b. Total fixed cost is $1,500. c. The marginal cost of producing the first unit of output is $1,200. d. The marginal cost of producing the second unit of output is $300.
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Recall the Application about how Greek citizens began to hold large amounts of cash in 2015 to answer the following question(s). According to this Application, the main concern of Greek residents was that:
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