Economists declare an economy to be efficient when there is ______.
a. equal wealth among all citizens
b. less than 5 percent unemployment
c. no opportunity for improvement
d. no more scarcity
c. no opportunity for improvement
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AGI is
A. found by subtracting certain business expenses from H-S income. B. found by subtracting exemptions from taxable income. C. not used in modern tax policy. D. none of these answer options are correct.
If watermelons are normal goods, the demand for them will rise as the income of consumers rises
a. True b. False Indicate whether the statement is true or false
When demand decreases and supply increases, there will be a decrease in the equilibrium price
a. True b. False Indicate whether the statement is true or false
Since 1950, the U.S. economy has likely experienced:
A. more periods of disinflation than deflation. B. an equal number of periods of deflation and disinflation since they are synonymous. C. more periods of deflation than disinflation. D. none of the answers provided is correct.