Things that have already been produced that are in turn used to produce other goods and services over time are called "capital."
Answer the following statement true (T) or false (F)
True
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Economists define "rational" tastes as those which are objective and transitive. ?
Answer the following statement true (T) or false (F)
The marginal income tax rate is the ________
A) total tax paid by an individual divided by the total income earned B) difference between the highest and lowest income tax rates charged by a state C) percentage of the last dollar earned that a household pays in taxes D) total revenue received by the government divided by the number of taxpayers
Opportunity cost is illustrated in a production possibilities frontier (PPF) by a movement
A) from the region within the PPF to a point on the PPF. B) from the region within the PPF to the region outside of the PPF. C) from the region outside of the PPF to a point on the PPF. D) along the PPF where to gain more of one good it is necessary to give some of another good.
An increase in the Consumer Price Index indicates that
a. the real income of households is increasing. b. the purchasing power of the dollar is increasing. c. the cost of buying the typical bundle of goods consumed by households is increasing. d. the real net worth of consumers is increasing.