In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market
A. product; financial
B. resource; product
C. product; resource
D. capital; product
Answer: C
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The New Deal allowed the federal government to reorganize and pursue economic planning
Indicate whether the statement is true or false
An increasing-cost industry is so named because of the positive slope of which curve?
A) Each firm's short-run average cost curve B) Each firm's short-run marginal cost curve C) Each firm's long-run average cost curve D) Each firm's long-run marginal cost curve E) The industry's long-run supply curve
Consider the statement: "When the British government tripled university fees for foreign students in Great Britain, about one-half of them left to study in other countries." This move will ________ university revenues from foreign students in Great Britain.
A. not change B. increase C. decrease D. cannot determine without further information
If competitive industry Y is incurring substantial losses, output will:
A. expand as resources move toward industry Y. B. contract as resources move toward industry Y. C. contract as resources move away from industry Y. D. expand as resources move away from industry Y.