SOPHIA PATHWAY- MACROECONOMICS Final Milestone.pdf - SOPHIA...

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SOPHIA PATHWAY- MACROECONOMICS You passed this Final Milestone 1 Using the image shown here, which of the following flows from the government to firms? Imports Taxes Wages, interest and transfer payments Purchases of goods and services CONCEPT Circular Flow Diagram
2 Laura is willing to pay as much as $1,000 for a wedding dress but is happy to find one she likes that costs $300. Select the term below that corresponds to this situation.
CONCEPT Consumer Surplus 3 If one dollar can purchase 0.74 euros, what is the exchange rate when using U.S. dollars as the base currency?
CONCEPT Foreign Exchange and Currency 4 Which description corresponds to the term "gold standard?"
CONCEPT Gold Standard 5 If the demand curve is more elastic than the supply curve, and a tax is imposed, which of the following will happen? A shortage will be created. The seller will bear more of the burden of the tax. The consumer will bear more of the burden of the tax. The price will rise by the amount of the tax.
CONCEPT Taxes and Subsidies 6 Which of the following is NOT one of the reasons why it is difficult to determine whether a business practice is sustainable or unsustainable?

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