Resources that flow through the circular flow model include all of the following except:
A. land.
B. labor.
C. capital.
D. final goods.
Answer: D
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The most basic investigative tool of economics is the
A. concept of scarcity. B. mechanism of supply and demand. C. coordination and trade syndrome. D. inflation-unemployment trade-off. E. regulation of business.
Moving along the AS curve, when the price level increases, the
A) nominal wage rate falls, and there is an increase in the quantity of real GDP supplied. B) real wage rate rises, and there is an increase in the quantity of real GDP supplied. C) nominal wage rate rises, and there is a decrease in the quantity of real GDP supplied. D) real wage rate falls, and there is an increase in the quantity of real GDP supplied. E) real wage rate rises, and there is a decrease in the quantity of real GDP supplied.
Which of the following financial institutions does NOT have to meet minimum reserve ratios?
i. the Fed ii. commercial banks iii. credit unions A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
To practice third-degree price discrimination, each of these market conditions must be met except which one?
A) All consumers must have the same own price elasticity of demand. B) No arbitrage opportunities can exist between customer groups. C) The firm must be able to determine in which group each customer belongs. D) The firm must have market power.