The group of people who are willing to offer money in exchange for goods and services is called
A. consumers.
B. producers.
C. benefactors.
D. profiteers.
Answer: A
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A classic early example of efficiency wages came in ________
A) Nazi Germany B) 1973 with the increase in OPEC-determined oil prices C) 1914 at the Ford Motor Company D) 1890 with the Sherman Antitrust Act
A regressive tax
a. taxes individuals with higher incomes at a higher rate than individuals with lower incomes. b. takes a similar percentage of income at all income levels. c. takes a higher percentage of the income of those with lower incomes than for those with higher incomes. d. taxes savings at a higher rate than consumption.
The most important economic concept to consider when deciding whether to produce a product domestically or import the product is
A. law of supply. B. law of demand. C. opportunity cost. D. law of increasing cost.
In the Aggregate Demand - Aggregate Supply diagram in Figure 8.1, Box 4 should be filled with 
A. PI for Price Index. B. AD for Aggregate Demand. C. RGDP for Real Gross Domestic Product. D. AS for Aggregate Supply.