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What will be an ideal response?
the economy as a whole or its basic aggregates ----households (total consumption expenditure) businesses (total investment and production), governments (policy)
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A factory is an example of:
a. capital. b. scarcity. c. an enterprise. d. land resources. e. output.
Mr. McCain pays $1,000,000 in federal income tax. How much is his marginal tax rate?
What will be an ideal response?
To be counted in the labor force
A. a person has to be at least 16 or older, have a job, or if unemployed has to be actively seeking employment. B. a person has to be working at least 10 hours per week. C. a person has to be over 16 years of age, irrespective of whether she or he is actively seeking work. D. a person, irrespective of his or her age, has to be working or, if out of work, actively seeking employment.
A 2 percent increase in the price of shoes leads to a 5 percent decrease in the quantity demanded of shoes. The absolute price elasticity of demand is
A. 2.5. B. 0.2. C. 1. D. 0.4.