Utility is the pleasure, satisfaction, or enjoyment derived from consumption.
Answer the following statement true (T) or false (F)
True
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Scarcity applies to both the rich and the poor
Indicate whether the statement is true or false
Have unions been successful at raising wages for their members? What about raising wages for all workers?
What will be an ideal response?
For this question, assume that taxes are independent of income (i.e., the income tax rate is zero). Now suppose that fiscal policy makers wish to decrease equilibrium output by $500 billion. Further suppose that policy makers can choose one of the following two options: (1 ) change in government spending; or (2 ) change in taxes. Compare and explain the relative size of the changes in government
spending and taxes needed to obtain this desired change in output. What will be an ideal response?
What is an entrepreneur, and what decisions does an entrepreneur make in a market system?
What will be an ideal response?