The ________ demonstrates the roles played by households and firms in the market system
A) theory of comparative advantage B) business cycle
C) circular flow model D) production possibilities frontier
C
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Which of the following would cause the demand curve for rice to shift to the left?
a. A rise in the price of rice. b. A blight that destroyed 75% of the rice harvest. c. A report claiming that the starch in rice causes heart disease. d. A tariff that doubles the price of imported spaghetti.
Division of labor has caused output to rise dramatically since the industrial revolution.
Answer the following statement true (T) or false (F)
Which of the following could increase the supply of dollars in the foreign exchange market?
a. a lower inflation rate in foreign countries than in the U.S. b. lower interest rates in foreign countries than in the U.S. c. higher prices in the United States d. a depreciation of other currencies e. an appreciation of the dollar
Command-and-control policies:
A. allow a low-cost firm to abate more pollution. B. encourage firms to develop more efficient abatement technologies. C. usually result in relatively low compliance costs. D. allow us to predict the total amount of pollution that will be discharged.