Cost-reducing technological advancements allow suppliers to earn more profits but have no noticeable effect on the supply curve.
Answer the following statement true (T) or false (F)
False
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National income is income ________ the factors of production.
A. earned by B. invested in C. paid by D. households owe to
Assume a family that earns $20,000 pays $1,000 in income taxes, while a family that earns $40,000 pays $3,750 in income taxes. In this situation, the income tax system is
A. regressive. B. progressive. C. proportional. D. one of these but we cannot tell which one without more information.
Wealth increases as a result of ________ and/or ________.
A. positive saving; crowding out B. positive saving; capital gains C. positive saving; capital losses D. negative saving (borrowing); capital gains
The above figure illustrates Mary's production possibilities frontier. Which of the following movements show opportunity costs increasing?
A) point a to point b to point c B) point a to point f C) point f to point a D) point c to point f to point d