Fundamentally, economics deals with
a. scarcity.
b. money.
c. poverty.
d. banking.
a
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Real income can be measured by
A) the slope of the budget line. B) the area under the budget line. C) the length of the budget line. D) an intercept of the budget line.
One way the government can boost the economy out of a recession is:
A. by increasing government spending. B. with public announcements telling the public to save their money. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.
When the average tax rate rises as income rises, this is known as progressive taxation
a. True b. False Indicate whether the statement is true or false
Assume that for good X the supply curve for a good is a typical, upward-sloping straight line, and the demand curve is a typical downward-sloping straight line. If the good is taxed, and the tax is doubled, the
a. base of the triangle that represents the deadweight loss quadruples. b. height of the triangle that represents the deadweight loss doubles. c. deadweight loss of the tax doubles. d. All of the above are correct.