Which of the following determines how scarce resources are allocated?
a. quality and demand
b. quality and shortage
c. supply and demand
d. supply and surplus
c. supply and demand
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At the federal level, the single most important tax, accounting for slightly less than half of revenue, is the:
a. corporate income tax. b. personal income tax. c. estate tax. d. property tax. e. sales tax.
Information supplied to consumers by the government rarely ever helps in making better decisions
a. True b. False Indicate whether the statement is true or false
Describe the different types of internal shocks to an economy, and link them to the curves in the Mundell-Fleming model.
What will be an ideal response?
The wage rate will fall and firms will increase employment to the point where MRP equals the new wage rate if
A. the supply of labor increases. B. the demand for labor increases. C. the demand for labor decreases. D. the supply of labor decreases.