Net taxes represent:
a. the difference between the amount of taxes collected by governments and the amount of transfer payments that governments return to households.
b. the difference between the amount of interest payments that governments pay on bonds and the amount of taxes collected by governments.
c. the sum of the amount of taxes collected by governments and the amount of transfer payments that governments return to households.
d. the product of the amount of taxes collected by governments and the amount of transfer payments that governments return to households.
a
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Voluntary exchanges between ____________ generates surplus.
A. firms B. countries C. individuals D. All of these are true.
In the above figure, as more ukuleles are produced, the opportunity cost in terms of guitars is
A) decreasing. B) increasing. C) constant. D) zero.
An increase in the price level in an economy will _____
Fill in the blank(s) with the appropriate word(s).
If an economy is producing at a point on the production possibilities curve it represents: a. full employment of existing resources. b. the gains from trade that an economy can enjoy
c. the maximum amount of two goods that can be produced with existing resources. d. decreasing opportunity costs of producing both goods. e. overutilization of existing resources.