In economics, we assume rational decisions are made when individuals weigh:
A. the sunk costs versus the opportunity costs of an action.
B. the sunk costs versus the benefits of an action.
C. the opportunity costs versus the benefits of an action.
D. the opportunity and sunk costs versus the benefits of an action.
Answer: C
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State governments in the United States can raise revenue by all the following means except
A) increasing income taxes. B) increasing taxes on corporate profits. C) increasing sales taxes. D) increasing the money supply.
The American Civil War lasted from the spring of 1861 to the spring of 1865. During the war the Confederate government issued substantial amounts of fiat paper currency
What do you think happened to the price level (measured in Confederate dollars) in the Confederate states during the final months of the war?