Which of the following is the unifying issue of economics?
a. income
b. opportunities
c. resources
d. choices
d. choices
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Which of the following would you need to know to calculate the unemployment rate?
a. the size of the active military b. the number of discouraged workers c. the size of the civilian labor force d. the number of workers still enrolled in high school
To measure the amount of tax money collected by the government, one uses the vertical distance between points
The accompanying diagram shows the effect of levying an income tax on the consumer. The pre-tax optimum is at point A, and the post-tax optimum is at point B.
a. A and B.
b. A and D.
c. B and C.
d. B and D.
Suppose that a monopoly is currently producing the quantity at which marginal revenue is less than marginal cost. The monopoly can increase its profit by ________
A) shutting down B) lowering its price and increasing its output C) raising its price and decreasing its output D) lowering its price and decreasing its output
The United States is a fairly good example of
a. a mixed economy. b. a pure market system. c. a government-dominated economy. d. a manufacturing economy. e. a transitioning economy.