Answer the following questions true (T) or false (F)
1. The payment received by suppliers of entrepreneurial skills is called wages.
2. In the circular flow model, households demand resources such as labor services in the factor market.
3. In economics, the term "free market" refers to a market where products are traded but not sold.
1. FALSE
2. FALSE
3. FALSE
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The term human capital refers to education, training and experience
Indicate whether the statement is true or false
From 1975 to 2000, the employment rate in the United States had been
A. Remaining unchanged. B. Decreasing each year. C. Increasing each year. D. Both increasing and decreasing with an overall upward trend.
rate is interpreted as the percentage of the:
A. Adult population who are unemployed B. Labor force that are not employed C. Able-bodied population who are not working D. Work force that have been laid off
According to the graph shown, if the market goes from equilibrium to having its price set at $10:
A. market transactions will decrease by 7. B. market transactions will decrease by 10. C. market transactions will not change, only price has changed. D. market transactions will decrease by 3.