The four key markets that coordinate the circular flow of income are
What will be an ideal response?
goods and services, resources, loanable funds, and foreign exchange.
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Competitive offers to buy and sell resources establish money prices, which reflect relative scarcities
A) in all economic systems. B) in any economic system where efficiency is important. C) only when there are no sunk costs to be recovered. D) when resources are privately owned.
Natural rate of unemployment - a × (?ctual inflation - Expected inflation) =
a. Quantity of goods and services demanded. b. Quantity of goods and services supplied. c. Unemployment rate. d. Previous year's inflation rate.
Given a fixed amount of time, a decision to supply labor or not is simultaneously a decision to
A. demand goods and services or not. B. demand leisure or not. C. supply capital and land or not. D. supply leisure or not.
Unemployment involving a mismatch of the skills of unemployed workers and the skills required for available jobs is called:
A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. compositional unemployment.