The main categories of taxes levied by the ______________ government are individual income taxes, corporate income taxes, and social insurance and retirement receipts.
a. federal
b. state
c. local
d. city
a. federal
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If the marginal social benefit of pizza exceeds the marginal social cost of pizza, the economy is producing the efficient quantity of pizza
Indicate whether the statement is true or false
A change in all of the following variables will change the market demand for a product except
A) the price of the product. B) tastes. C) income. D) population and demographics.
Zero profit in the economic sense means that firms are earning a normal rate of return.
Answer the following statement true (T) or false (F)
According to classical economists,
A. prices are rigid. B. both V and Q are variable for an economy in short-run equilibrium. C. changes in M cause changes in V. D. the velocity of money is constant.