Economic progress
a. indicates that scarcity is no longer a problem.
b. indicates income levels are higher even though environmental and health conditions have worsened.
c. requires that individuals work longer hours.
d. reflects that people are achieving higher income levels and living standards.
d. reflects that people are achieving higher income levels and living standards.
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Nearly half of the federal government's tax revenues come from
A. Individual income taxes. B. Customs, whiskey, and tobacco taxes. C. Corporate income taxes. D. Social Security payroll taxes.
How much is induced consumption?
C = $4.5 trillion Disposable income = $5 trillion Autonomous consumption = $3 trillion
Which will NOT affect the elasticity of demand for labor?
A) the labor intensity of the production process B) the elasticity of supply for labor C) the elasticity of demand for the good D) the substitutability of capital for labor
The fact that long-run growth in the U.S. has been relatively stable is consistent with the ______ model
a. endogenous growth. b. supply-side. c. Keynesian. d. neoclassical growth. e. none of the above.