The circular-flow diagram is an example of
a. a laboratory experiment.
b. an economic model.
c. a mathematical model.
d. All of the above are correct.
b
You might also like to view...
The New Deal policies both relieved distress and reformed the system to prevent future depressions. An example of the former is the ___ while the ___ is an example of the latter
a. Civilian Conservation Corps; Works Projects Administration. b. Works Projects Administration; Industrial Organization Review Board. c. Civilian Conservation Corps; Securities and Exchange Commission. d. Federal Deposit Insurance Corporation; Industrial Organization Review Board.
In the early 2000s, laws requiring banks and mortgage brokers to disclose the terms of home loans:
A. prevented Americans from entering into mortgage contracts that they did not understand. B. were an example of how the government can act to solve the moral hazard problem. C. were so numerous and detailed that borrowers didn't read or understand the information the companies had disclosed. D. reduced statistical discrimination in the home mortgage market.
Explain how taxes are levied in a progressive income tax system and the rationale for choosing a progressive income tax structure
Monopolistically competitive firms engage in advertising to increase market share and make demand more inelastic
Indicate whether the statement is true or false