The national income accounting system measures economic activity based on the concept of _____
a. absolute advantage of different industries in an economy
b. the circular flow of precious metal and money through the different sectors of an economy
c. comparative advantage of different industries in an economy
d. the circular flow of output and income through the different sectors of an economy
e. the circular flow of labor and other resources through the different sectors of an economy
d
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The above figure shows the demand and supply curves for high-skilled and low-skilled labor. The wage rate
A) of high-skilled labor is $7.00 and of low-skilled labor is $6.00. B) of high-skilled labor is $9.00 and of low-skilled labor is $7.00. C) of high-skilled labor is $6.00 and of low-skilled labor is $4.00. D) of high-skilled labor is $9.00 and of low-skilled labor is $4.00.
Almost every time that there has been an inverted yield curve, what took place within one year?
A) recession B) rising inflation C) financial crisis D) higher bond yields
The demand for goods and services is called ____ demand, while the demand for resources is called ____ demand.
A. derived; derived B. final; final C. final; derived D. derive; final
By which of the following methods could a supplier identify its good as a plum to a skeptical buyer?
A. money-back guarantee B. warranties and repair guarantees C. a verbal assurance D. both money-back guarantee and warranties and repair guarantees