Income is created when
a. individuals supply others with productive resources that they value.
b. the government levies taxes on some and transfers the revenues to others.
c. the general level of prices increases.
d. shares of stock are sold from their current owner to another party.
A
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If the economy moves upward along its short-run Phillips curve, in the AS-AD diagram, this movement is shown by a
A) rightward shift of the AS curve and a movement along the AD curve. B) movement downward along the AS curve as a result of a leftward shift of the AD curve. C) movement upward along the AS curve as a result of a rightward shift of the AD curve. D) leftward shift of the AS curve and a movement along the AD curve. E) rightward shift of potential GDP.
Distribution is a major question to be answered by any economic system
a. True b. False Indicate whether the statement is true or false