Once households pay taxes, they have two options with their disposable income: consume or save
Indicate whether the statement is true or false
TRUE
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Monopolies can make an economic profit in the long run because of
A) rent seeking by competitors. B) the elastic demand for the monopoly's product. C) the cost-savings gained by the monopoly. D) barriers to enter the monopoly's market.
How do income and wealth change over a person's lifetime? How does this affect the distribution of income at a point in time?
What will be an ideal response?
The general set of rights to own private property and exchange goods, services, and financial assets with minimal government interference is defined as
A) capitalism. B) market socialism. C) economic freedom. D) economic privilege.
Economics may best be defined as the:
A. interaction between macro and micro considerations. B. social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity. C. empirical testing of value judgments through the use of logic. D. study of why people are rational.