In the circular flow model, the business sector ____ goods and services in ____ markets.
a. demands; product
c. supplies; product
b. demands; resource
d. supplies; resource
Answer: c. supplies; product
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Inflation targeting has typically been accompanied by lower inflation
Indicate whether the statement is true or false
Public choice analysis
a. assumes individuals in the public sector act in their own self-interests. b. assumes individuals seek to serve the public interest rather than their own personal interests. c. is the study of decision making in the formation and operation of private organizations. d. assumes the government is a corrective device that takes the necessary action to offset economic inefficiency arising from market failure.
Publicly provided health insurance for the poor will
A. lower the price of health care to the non-poor and increase the total amount of health care consumed. B. increase the total amount of health care consumed. C. lower the price of health care to the poor. D. lower the level of health care consumed by the poor.
Economic theory explains the process of "economizing", which is the process of
What will be an ideal response?