An economy's production possibilities frontier is fixed in the long run
a. True
b. False
B
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In the above figure, the relationship between the tax rate and tax revenue is positive and becoming less steep between tax rates of
A) 0 percent and 30 percent. B) 30 percent and 100 percent. C) 0 percent and 100 percent. D) None of the above answers are correct.
Producers' surplus is the difference between the price __________ receive for a good and the __________ price for which they would have __________ the good
A) sellers; maximum; sold B) buyers; maximum; bought C) sellers; minimum; sold D) buyers; minimum; bought
The aggregate production function takes inputs and turns them into the country's output, or GDP.
Answer the following statement true (T) or false (F)
The rate of interest that you pay on a home loan depends upon all of the following EXCEPT
A. the supply of houses in the real estate market. B. your credit rating. C. handling charges or loan fees. D. the length of the loan.