Refer to Figure 2-1. Which arrow represents the flow of goods and services?
a. A
b. B
c. C
d. D
B (Top inside/middle arrows)
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One of the major weaknesses of the original Keynesian approach to the business cycle was
A) the assumption that firms were perfectly competitive. B) the failure to explain why wages were rigid. C) the denial of the existence of the Pigou effect. D) the assumption that the demand for labor depended on the real wage.
A rightward shift in labor demand decreases the number of workers hired
a. True b. False Indicate whether the statement is true or false
When the price of nuclear missiles rises, this change is reflected in the CPI but not in the GDP deflator
a. True b. False Indicate whether the statement is true or false
Payments to the owners of firms are included in aggregate accounting as:
A. interest. B. rents. C. profits. D. employee compensation.