Which markets are represented in the simple circular-flow diagram?
a. markets for goods and services and markets for financial assets
b. markets for factors of production and markets for financial assets
c. markets for goods and services and markets for factors of production
d. markets for goods and services and markets for imports and exports
c
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Two types of asymmetric information that create problems for international investment are
A) adverse selection and moral selection. B) adverse hazard and moral hazard. C) adverse selection and moral hazard. D) adverse hazard and moral selection.
Which was the deepest recession in the United States before the recession of 2008-09?
A) 1978-1979 B) 1981-1982 C) 1990-1991 D) 2001
Equilibrium income is that level of income:
A. toward which the economy gravitates in the short-run. B. which an economy is capable of producing without generating accelerating inflation. C. which an economy is capable of producing without generating unemployment. D. which the economy always produces.
If the tax rate remains the same as the base increases, the income tax structure is said to be: a. proportional
b. lump-sum. c. negatively skewed. d. progressive. e. regressive.