unemployment compensation and welfare payments
What will be an ideal response?
transfer payments
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Explain the relationship between opportunity costs and money costs. Can they be treated as identical?
What will be an ideal response?
In tacit collusion, price visibility ________ the cost of cheating and ________ the temptation to cheat.
A) decreases; increases B) increases; increases C) decreases; decreases D) increases; decreases
Which of the following is a regressive tax?
a. A state tax of 5 percent of income. b. A local sales tax of 5 percent. c. The federal individual income tax. d. A federal flat tax of 30 percent.
One bag of flour is sold for $1.00 to a bakery, which uses the flour to bake bread that is sold for $3.00 to consumers. A second bag of flour is sold for $1 to a grocery store who sells it to a consumer for $2.00 . Taking these four transactions into account, what is the effect on GDP?
a. GDP increases by $3.00. b. GDP increases by $5.00. c. GDP increases by $6.00. d. GDP increases by $7.00.