In a simple circular flow diagram, who supplies factors of production in markets and who buys these factors of production? Who supplies goods and services in markets and who buys these goods and services?
What will be an ideal response?
Households supply factors of production and buy goods and services in markets. Firms buy factors of production and supply goods and services in markets.
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When Social Security checks were first issued the nominal amount:
A. regularly increased by 5 % every 3 months. B. regularly increased by 10 % every 3 years. C. stayed 3% above the poverty level for all recipients. D. stayed the same for the life of the payments.
A theory is a(n)
a. answer to a problem. b. way to explain the result an economist wants. c. tool to help determine the answer to a problem. d. a graph.
Suppose Ireland exports beer to China and imports pineapples from the United States. This situation suggests that
a. Ireland has a comparative advantage relative to the United States in producing pineapples, and China has a comparative advantage relative to Ireland in producing beer. b. Ireland has a comparative advantage relative to China in producing beer, and the United States has a comparative advantage relative to Ireland in producing pineapples. c. Ireland has an absolute advantage relative to the United States in producing pineapples, and China has an absolute advantage relative to Ireland in producing beer. d. Ireland has an absolute advantage relative to China in producing beer, and the United States has an absolute advantage relative to Ireland in producing pineapples.
The Sherman Antitrust Act specifically prohibited tying contracts and interlocking directorates.
Answer the following statement true (T) or false (F)