As the circular flow model shows, the factors of production flow from
A) households to firms through the factor market.
B) firms to households through the goods market.
C) the goods market through firms to the factor markets.
D) households to firms through the goods market.
E) firms to households through the factor market.
A
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Market power and externalities are two possible causes of market failure
a. True b. False Indicate whether the statement is true or false
If the price elasticity of demand is 1, demand is:
A. upward sloping. B. inelastic. C. unit elastic. D. elastic.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.
According to the text, the federal government spends the most taxpayer-provided funds regulating which area of the economy?
A) the environment B) finance and banking C) consumer safety and health D) transportation