In the figure above
A) moving from point a to point b would require new technology.
B) production at point b is efficient whereas production at point a is not efficient.
C) some resources must be unemployed at point c.
D) opportunity costs are decreasing.
B
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In the 1980s, marginal tax rates on high income taxpayers fell from 70 to 28 percent. Tax revenues coming from the top 1 percent of income earners _____
a. fell as a percentage of income b. fell in total, but not as a percentage of income taxes paid by all taxpayers c. fell compared to middle-class taxpayers d. increased as a percentage of income taxes paid by all taxpayers
Which is the most accurate statement?
A. The authority to run welfare programs resides mainly in the states. B. The authority to run welfare programs resides mainly in the federal government. C. When the 1996 welfare reform passed, it immediately removed 3 million people from the welfare rolls. D. The welfare reform law of 1996 will virtually abolish welfare by the year 2008.
An increase in inflationary expectations that causes firms to increase their prices shifts the
A. aggregate demand curve to the left. B. aggregate demand curve to the right. C. aggregate supply curve to the right. D. aggregate supply curve to the left.
Money is a medium of exchange in that
A) money is generally accepted for buying and selling goods and services. B) currency may be exchanged for gold at any national bank. C) other assets may be better or worse in facilitating exchange than money. D) it must maintain most of its value over time.