Macroeconomic equilibrium can occur at any point on the 45-degree line

Most modern economists agree that there is a single factor that can be used to explain economic growth. a. This is a true statement because what are needed are abundant resources

b. This is a true statement because at the foundation of economic growth, it is essential that there exist extensive private property rights. c. This is a false statement because nearly all economists believe that economic growth is a complex process without a single dominant factor. d. This is a false statement because economists typically do not agree on policy issues.

If the marginal tax rate is less than the average tax rate, the tax system is

A) progressive. B) proportional. C) regressive. D) flat.