Explain the supply and demand of products, factors of production, the payments for the products and factors of production as described in the circular flow diagram.
What will be an ideal response?
Households supply the factors of production demanded by firms through the factor market. Firms pay income to the households for these factors. Firms supply the goods and services demanded by households through the product market. Firms collect revenue from the households for the goods being purchased.
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Write an essay on the role of the WTO in today's international economy
What will be an ideal response?
Which of the following countries experienced hyperinflation during the 1920s?
A) The United States B) Canada C) Germany D) England
All else equal, an increase in the government's budget deficit accompanied by a decrease in corporate taxes would definitely result in
A) an increase in the equilibrium real interest rate. B) a decrease in the equilibrium real interest rate. C) an increase in the equilibrium level of saving and investment. D) a decrease in the equilibrium level of saving and investment.
From 1680 to 1770 average ship speeds:
a. increased by 100 percent. b. increased by 80 percent. c. increased by 75 percent. d. decreased by 50 percent. e. did not change appreciably.