In the circular flow model, which of the following is on the buying side in the goods market?
i. firms
ii. households
iii. federal, state, and local governments
A) i only
B) ii only
C) iii only
D) i and ii
E) ii and iii
E
You might also like to view...
If workers in an industry become less productive, we would expect the
A) supply of workers to increase. B) supply of workers to decrease. C) demand for workers to decrease. D) demand for workers to increase.
According to the IGM poll, most economists think that the benefits of ARRA exceeded the costs
a. True b. False Indicate whether the statement is true or false
Anna gives Billy a gift of $200. We can be sure that Billy will
A) spend the $200 on what Anna hopes that he will spend it on. B) save the $200, and not spend it on anything. C) spend the $200 on whatever is next on Billy's list of things to buy. D) spend the $200 on something that Anna does not want him to spend it on.
Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The accompanying table shows the number of rooms they can each clean and the number of meals they can each cook in an hour. Rooms Cleaned Per HourMeals Cooked Per HourLou54Alex33Which of the following is true?
A. Lou has both an absolute advantage and a comparative advantage over Alex in both tasks. B. Alex has both an absolute advantage and a comparative advantage over Lou in both tasks. C. Alex has a comparative advantage over Lou in cleaning. D. Lou has a comparative advantage over Alex in cleaning.