In the simple circular flow model containing just households and business firms, the entire product flows to ________ in exchange for ________
A) business firms, labor services
B) business firms, wages
C) households, consumer expenditures
D) households, labor services
C
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Legally established titles to ownership, use, and disposal of factors of production and goods and services, are called ________ rights
A) government B) pollution C) property D) inefficient E) private
The key to understanding the short-run trade-off behind the Phillips curve is that an increase in inflation will decrease unemployment if the inflation is ________ by both workers and firms
A) ignored B) perfectly predicted C) expected D) unexpected
The City Council of Happy Village is thinking about imposing rent controls. If they put rent controls in place, which constituency are they trying to please?
A) landlords B) all taxpayers C) existing tenants D) all voters
What percentage of GDP comes from agriculture in the high-income economies of the world?
a. 1 percent b. 2 percent c. 3 percent d. 4 percent