True OR False 1. Without government regulation of the private economy, average income will not grow over time. True OR False 9. Suppose income taxes rise only on incomes over

True OR False 1. Without government regulation of the private economy, average income will not grow over time. True OR False 9. Suppose income taxes rise only on incomes over $250,000 annually. Then your after-tax income will be unaffected if your annual income is only $100,000. True OR False 10. In order for observed prices to converge to competitive market clearing prices, the participants must understand what they are doing, so they don’t make mistakes in their buying or selling decisions.

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