Explain the term "economics."
What will be an ideal response?
Economics is the study of the choices people make to attain their goals, given their scarce resources.
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Other things equal, an increase in the general price level causes the money demand function to shift to the left
a. True b. False Indicate whether the statement is true or false
Which of the following is not true of a recession?
a. The economy is overheated. b. Cyclical unemployment is high. c. Unemployment is caused by insufficient spending. d. If the economy is in equilibrium, the aggregate expenditure line is too low to create an intersection at the full-employment level. e. If employers hired more workers to reduce unemployment, they would be unable to sell all the extra output those workers would produce.
Time spent filling out tax forms, time spent keeping tax records, and government resources spent to enforce tax laws are examples of the __________ of the U.S. income tax system
Fill in the blank(s) with correct word
Marginal physical product of labor equals
A. the wage divided by marginal cost. B. marginal cost times the wage. C. marginal cost divided by the wage. D. the wage.