In a capitalistic economic system, who owns most of the nation's resources?
A. Labor unions
B. The government
C. Private individuals
D. No one
C. Private individuals
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Refer to Figure 18-1. Of the tax revenue collected by the government, the portion borne by consumers is represented by the area
A) B + C + F + G. B) E + H. C) F + G. D) B + C.
A rightward shift of a demand curve represents a decrease in demand
a. True b. False
Discuss some of the arguments that help explain why wages and prices rarely fall in a modern economy
In Econland population and average labor productivity are constant. If a larger proportion of the population becomes employed workers, then total output will ________ and output per person will ________.
A. decrease; decrease B. remain constant; remain constant C. decrease; remain constant D. increase; increase