An increase in the tax rate (t)
A) will rotate the budget line upward.
B) will increase the slope of the budget line.
C) will shift the budget line downward.
D) A and B.
D
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The hydrologic cycle illustrates the
a. natural process that links all water resources together b. natural movement of water from the ocean to wetlands c. link between point and nonpoint sources d. none of the above
In economics we assume that the goal of a firm is to
A) minimize costs. B) maximize revenue. C) maximize economic profits. D) maximize total sales.
If an economy is at equilibrium, it will also be operating at full employment
a. True b. False
Because the supply and demand of housing are inelastic in the short run, the initial shortage caused by rent control is large
a. True b. False Indicate whether the statement is true or false