In the circular flow, ________ provide the factor services
A) businesses and households B) producers
C) households D) businesses
C
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In 2013, the reference base period for the CPI for the nation of Wobet, a typical consumer spent $30 on potatoes and $150 on steak. Which of the following is true?
A) The quantity of steak in the basket is larger than the quantity of potatoes. B) The quantity of potatoes in the basket is larger than the quantity of steak. C) The quantity of the two goods in the basket is the same. D) We cannot say exactly how many of each good are in the basket. E) None of the above answers is correct.
The Employment Act of 1946 reflects which one of the following functions of government?
A) providing a legal system B) improving economy-wide stabilization C) correcting externalities D) providing public goods
The aggregate demand curve is likely to shift downward because of a(n): a. increase in a household's wealth. b. decrease in tax rates
c. decrease in government spending. d. increase in consumer spending.
Socially inefficient outcomes are possible when
A) uninformed parties want to avoid opportunistic behavior by informed parties. B) informed parties engage in opportunistic behavior against uninformed parties. C) those in charge are risk neutral. D) workers do not own the firm.