According to your textbook, profit is a payment to
a. capital in the resource market
b. labor in the entrepreneurial market
c. capital in the product market
d. entrepreneurship in the product market
e. entrepreneurship in the resource market
E
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Property rights motivate people to work harder and produce more economic pie than they would if property rights were not well defined
Indicate whether the statement is true or false
In real business cycle models and new classical models
a. monetary factors are responsible for fluctuations in output and employment. b. changes in unemployment are involuntary. c. markets always clear. d. prices and wages are perfectly flexible. e. none of the above.
The marginal tax rate and the average tax rate are the same under a
A) progressive income tax system. B) regressive income tax system. C) proportional income tax system. D) none of the above.
Expectations that the price level will increase in the future will:
a. shift the current consumption function upward b. make the current consumption function steeper. c. make the current consumption function flatter. d. result in a downward movement along the current consumption function. e. shift the current consumption function downward.