In factor markets, firms __________ and households ____________
a. demand resources; supply resources
b. supply resources; demand resources
c. demand resources; demand goods
d. supply resources; demand goods
e. supply resources; supply goods
A
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In the United States, the emergence of the third-party payment system has:
A. led health care costs to increase over time. B. had almost no impact on health care costs. C. led people to consume less than the socially optimal level of health care. D. led health care costs to decrease over time.
The quantity demanded in a market depends on many things, but the concept of elasticity focuses on the effect of changes in the price of the good.
Answer the following statement true (T) or false (F)
The reduction in consumer and producer surplus that results from underproduction is called
A) an internal cost. B) a deadweight loss. C) a quantity loss. D) None of the above answers is correct.
When banks transform excess reserves into loans, the money supply ultimately increases because borrowers spend the money they borrow, and that money eventually ends up in someone's checking account, an element of the money supply
Indicate whether the statement is true or false