The simple circular flow model shows that workers and capital-owners offer their services to firms through the
A. product markets.
B. government agencies.
C. employment agencies.
D. resource markets.
Answer: D
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Referring to Figure 19.2, the effect of an increase in Japanese prices is represented by a movement from point
A) d to c. B) c to d. C) a to d. D) a to b.
If the individuals in a group of consumers all have homothetic tastes, then we can treat the group as a single representative consumer.
Answer the following statement true (T) or false (F)
Advocates of the active approach believe that discretionary government policy can restore economic stability and improve economic performance
a. True b. False Indicate whether the statement is true or false
If the production function exhibits diminishing marginal product, the total cost function gets steeper as the quantity of output increases
a. True b. False Indicate whether the statement is true or false