Refer to the diagram below. If box E represents government, box D the resource market, and box B the product market, then flows (5) and (7) represent:
A. Goods and services
B. Government expenditures
C. Resources
D. Net taxes
B. Government expenditures
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In a free market system, competition generates economic efficiency only when
A) individuals take into account the full opportunity cost of their actions. B) consumers are motivated by a sense of the greater good, not their own self-interest. C) firms are motivated by a sense of the greater good, not their desire for profit. D) economic decisions are taken out the hands of individuals and placed in the hands of government officials.
Membership in unions decreased rapidly in the 1980s
Indicate whether the statement is true or false
Why do opportunity costs increase as society produces more of a good?
What will be an ideal response?
Health care makes up ________ of the U.S. economy
A) about 2 percent B) roughly 8 percent C) more than one-sixth D) almost two-thirds