In the circular flow diagram, consumer products flow ______.
a. the same way as dollars
b. clockwise
c. counter clockwise
d. from the innermost circle
c. counter clockwise
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Unemployment that naturally occurs during the normal workings of an economy as people change jobs and move across the country is called
A) frictional unemployment. B) natural unemployment. C) cyclical unemployment. D) structural unemployment.
List the components of the expenditure approach to measuring GDP
What will be an ideal response?
When a monopolistically competitive industry is in long-run equilibrium:
A. price equals minimum average total cost. B. firms earn zero economic profits. C. firms earn economic profits. D. price equals marginal cost.
If the world price is higher than the no-trade domestic price, then domestic producers gain, and domestic consumers lose as a result of free trade.
Answer the following statement true (T) or false (F)