An excess supply will cause price to fall
Indicate whether the statement is true or false
T
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A tax structure is progressive as long as a person who has more income pays
A. the same rate of tax than someone who has less income. B. a higher rate of tax than someone who has less income. C. the same tax than someone who has less income. D. more tax than someone who has less income.
The macroeconomy is said to be in long-run equilibrium only if
a. the resource, loanable funds, foreign exchange, and goods and services markets are all in equilibrium. b. prices were incorrectly estimated by decision makers. c. the output of the economy exceeds the full-employment level of output. d. the economy is operating along its short-run aggregate supply curve.
The marginal propensity to consume is difficult to estimate because
a) it depends on expectations of future income b) it depends on perceptions regarding the permanence of changes in income c) it depends on credit and borrowing constraints d) it declines as uncertainty increases e) all of the above
Trade will be beneficial for a nation with a comparative advantage in producing a certain product.
Answer the following statement true (T) or false (F)