Which of the following is equivalent to the costs that firms incur in acquiring economic resources?
A. Revenues from the product
B. Income of the resources
C. Money flowing from the resources
D. Profits from the resources employed
B. Income of the resources
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Explain what economists mean when they characterize the income tax system as progressive
What will be an ideal response?
Under the Bretton Woods agreements,
A. the IMF was created to punish countries that did not maintain fixed exchange rates. B. a system of fixed exchange rates based on gold was established. C. each country agreed to buy and sell its currency to maintain a fixed exchange rate. D. All of the above are correct.
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.
As compared to production alternative D, the choice of alternative C would:
What will be an ideal response?