The secondary effects of an economic action refer to the
What will be an ideal response?
the unintended consequences of a change that are not immediately identifiable but are felt over time
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The distribution of income in a market economy is primarily determined by differences in
a. effort and sacrifice and intelligence with the most important factor being intelligence since human capital is a resource b. the level of needs of the average or median income individual when selling her labor c. resource ownership and the value that resources buyers place on the resources that are sold in the marketplace d. the level of government intervention in the economy as it relates to job openings e. the amount of time that an individual spends working and the intensity of this effort
An increase in the cost of chicken feed will reduce the supply of eggs
a. True b. False Indicate whether the statement is true or false