Refer to the above figure. If box A represents businesses and flow (7) represents goods and services, then:
A. box C is the product market and box B is the resource market.
B. box D is the product market and box B is households.
C. box D is the product market and box B is the resource market.
D. box B is the product market and box C is households.
Answer: C
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Suppose Stephen's first novel makes the New York Times bestseller list. Regression to the mean implies that his second novel:
A. won't be as popular as his first novel. B. will be even more popular than his first novel. C. will have a similar plot to his first model. D. will be a complete flop.
If product demand increases and product price increases
A. the marginal revenue product curve will shift to the right. B. the firm will move up the marginal revenue product curve and hire fewer units of the input. C. the marginal revenue product curve will shift to the left. D. the firm will move down the marginal revenue product curve and hire more units of the input.
Mail-in ballots are designed to:
A. increase your ability to fulfill your civic duty. B. increase utility derived from voting. C. decrease the costs associated with voting. D. increase the accuracy voting process.
With respect to the business cycle, describe the difference between the expansion phase and the recovery phase