What would be the most likely reason for a government to introduce a tax increase?
a. impeding a monopoly
b. reducing unemployment
c. lowering interest rates
d. overcoming inflation
d. overcoming inflation
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A competitive market has two basic characteristics. What are those two characteristics?
The economy was at point A producing 100X and 200Y. It moved to point B where it produces 200X and 300Y. It follows that
A) point A may have been a point below the economy's PPF, while point B may lie on the PPF. B) the economy's PPF could have shifted outward and point A was a point on the economy's old PPF. C) the economy has moved from one point on its PPF to another point on the same PPF. D) a or b E) a or c
Which of the following functions of money enables society to gain the benefits of geographic and labor specialization?
A. Unit of account B. Store of value C. Medium of exchange D. Medium of deferred payment
If supply of a product increases and demand for the product decreases, equilibrium quantity will definitely change
Indicate whether the statement is true or false