The circular flow diagram of economic activity is a model of the
a. flow of goods, services, and payments between households and firms.
b. influence of government on business behavior.
c. role of unions and government in the economy.
d. interaction among taxes, prices, and profits.
a. flow of goods, services, and payments between households and firms.
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When Major League Baseball players were awarded the right of free agency, no player had to give up their own free agency in order for someone else to get it, and no one could be excluded from free agency
These two characteristics of free agency demonstrate that it meets the criteria of a A) pure public good. B) club good. C) common pool resource. D) pure private good.
Real GDP equals nominal GDP
a. minus exports. b. corrected for changes in the price level. c. minus personal income taxes. d. minus retail sales taxes.
If the index of intra-industry trade is high, products are probably ______, and costs in both nations are ______.
a. identical; different b. differentiated; similar c. identical; similar d. differentiated; different
The first-order conditions for a monopoly to maximize profits are:
A. d?(Q)/dQ = 0. B. MR(Q) = MC(Q). C. dR(Q)/dQ = dC(Q)/dQ. D. All of the statements associated with this question are correct.