ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2013 Exam1B Key

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31 Jan 2019
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Suppose that pretzels are a substitute for peanuts. Markets for goods and services and markets for factors of production. The ____________________ states that people have unlimited needs/wants but a limited amount of resources, implying that people face tradeoffs (i. e. , having more of one thing means getting by with less of something else). How can we choose a system of taxation which ensures that the rich pay their fair share" of taxes? . Demand for good z decreases as a result of an increase in consumer income. This observation implies that good z is an inferior good. More than one (perhaps all) of the above answers is correct. When considering potential government policies, it is important to recognize that if a policy alters the costs and/or benefits for a decision maker, then the decision-maker might change his behavior as a result of the policy. Rent controls reduce the quantity/quality of available housing.

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