Which of the following would affect both short-run and long-run aggregate supply?
a. a supply shock
b. menu costs
c. money illusion
d. technological change
e. a change in the general price level
d. technological change
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What is the relationship between scarcity and shortage, as economists use the terms?
A) Scarcity and shortage cannot exist simultaneously. B) Shortages are the basic cause of scarcity. C) Scarcity creates shortages in the long run. D) Scarcity is relative while shortages are absolute. E) Scarcity is unavoidable but shortages are not.
Which of the following represents a positive statement?
a. A higher income tax rate will reduce the amount of time that people spend working. b. Teenage unemployment should be reduced. c. We should raise the standard of living for the elderly. d. A decrease in tax rates is needed to help the poor.
Vertical equity refers to a tax system in which individuals with higher incomes pay more in taxes than individuals with lower incomes
a. True b. False Indicate whether the statement is true or false
Services can be thought of as
A) unvalued goods. B) unwanted goods. C) free goods. D) intangible goods.