The tax cuts of 2008 were valued at approximately one percent of GDP
Indicate whether the statement is true or false
TRUE
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Sovereign debt refers to
A) debt owned by the government. B) bonds issued by the government. C) debt owed to the government. D) debt only issued by nations with kings or queens.
What does scarcity have to do with the fact that people must make choices?
What will be an ideal response?
In order for a firm to receive monopoly profits, there must be
A) homogeneous products. B) barriers to market entry. C) mutual interdependence among firms. D) free entry and exit to the market.
Diminishing marginal utility means that
a. as you consume more of a good, other things constant, the total satisfaction you obtain from consuming this good tends to fall b. as you hire more labor, other things constant, the total amount produced begins to fall c. as you hire more labor, other things constant, the marginal product begins to fall d. as you consume more of a good, other things constant, the additional satisfaction you obtain from each additional unit of the good tends to fall e. as you consume more of a good, other things constant, the extra satisfaction you obtain from each extra good becomes negative