Economic efficiency is defined in the text as
a. the maximum production of consumption goods
b. the maximum production of capital goods
c. a balanced production of consumption and capital goods
d. a maximum set of resources
e. the absence of underemployment or unemployment
E
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Why is it the case that a commodity tax on goods like food and shelter is sometimes seen as being regressive?
What will be an ideal response?
If an event is certain to occur, it has a probability (pr) of
A) 0. B) 0 < pr < 1. C) 1. D) Not enough information to determine.
Refer to the above figure. The firm is operating using MRP0. An increase in demand for the product has occurred. The relevant curve for the firm after the increase in price
A) is MRP0. B) is MRP1. C) is MRP2. D) could be MRP1 or MRP2 depending upon whether the firm was earning a positive profit.
Suppose for an economy, investment = $40; saving = $50, government spending + exports = 100; and taxes + imports = $110 . Then for this economy, total leakages exceed total injections by $20, so there will be pressure for the economy to contract
a. True b. False Indicate whether the statement is true or false