A change in business taxes and regulation can affect input prices and aggregate supply.
Answer the following statement true (T) or false (F)
True
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What country in pacific Asia region has one of the worlds largest economies?
a. China
b. Japan
c. India
d. South Korea
e. Indonesia
Last year the Olsen family earned $70,000. This year their income is $77,000. In an economy with an inflation rate of 8 percent, we can conclude that the Olsen's nominal income:
A. and real income both increased. B. and real income both decreased. C. increased, but their real income decreased. D. decreased, but their real income increased.
Exhibit 21-4 Coffee and tea output (pounds per hour) CountryCoffee Tea Brazil10 5 China 8 8 As shown in Exhibit 21-4, compared to Brazil, China has a comparative advantage in the production of:
A. coffee. B. tea. C. both coffee and tea. D. neither coffee nor tea.
Saving in the economy:
A. Occurs when current spending is less than current incomes B. Is generally not a determinant of future output C. And investment are essentially the same concept D. Occurs when current consumption is more than current output