In the circular-flow diagram, in the markets for
a. goods and services, households and firms are both sellers.
b. goods and services, households are sellers and firms are buyers.
c. the factors of production, households are sellers and firms are buyers.
d. the factors of production, households and firms are both buyers.
c
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The Fed controls the money supply to achieve the policy goals set by the United States International Trade Commission
a. True b. False Indicate whether the statement is true or false
Referring to the previous question, what will happen to the equilibrium price and quantity of cars?
A) They will stay the same as domestic producers replace the cars once imported. B) The shortage will cause the equilibrium price to increase and equilibrium quantity will decrease. C) The surplus will cause equilibrium price to decrease and equilibrium quantity to increase. D) The shift in the demand curve will cause equilibrium price to increase and quantity to increase.
If food is measured on the horizontal axis of a budget line diagram, and clothing is measured on the vertical axis, the slope of the budget line
a. may be positive if the price of clothing is high enough b. may be positive if the price of food is high enough c. may be positive if income is large enough d. equals the maximum consumption of food divided by the maximum consumption of clothing times -1 e. equals the maximum consumption of clothing divided by the maximum consumption of food times -1
If TruLite's management studied the light fabrication department and found that the department should assemble 25 lamps per hour per worker and set its piece rate to get workers to meet output level, then this standard is called the:
A. incentive adjustment. B. random element of production. C. risk premium. D. benchmark.