Which of the following is a major impact of offshoring?
a. Elimination of domestic jobs
b. Elimination of jobs in foreign countries
c. Creation of jobs in the domestic country
d. An increase in the cost of production of domestic firms
e. A reduction in the cost of production of foreign firms
a
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What is the difference between marginal and average tax rates? Under what marginal and average tax rate conditions would an income tax be progressive?
What will be an ideal response?
Consumers must understand the law of diminishing marginal utility in order to maximize their satisfaction
a. True b. False
Discuss the three basic types of economic systems.
What will be an ideal response?
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.