Use the following circular flow diagram to answer the question below.
If box A represents businesses or firms, B the resource market, and C households, and if flow (3) represents money payments to households, then flow (1) would represent
A. consumption expenditures.
B. the flow of goods.
C. resources.
D. payments to resources.
Answer: D
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When voluntary exchange takes place, both parties gain from the exchange
Indicate whether the statement is true or false
From the late 1960s to the late 1980s, SAT scores in the United States
a. help explain the productivity increases. b. rose consistently throughout the period. c. declined throughout the period. d. indicated improving workforce quality.
Which of the following factors will make it easier for a labor union to increase the wages of its members?
a. a highly inelastic demand for the products produced by the union labor b. a readily available supply of similar products produced by nonunion labor c. low tariffs and strong competition from foreign firms producing the products supplied by the union labor d. a reduction in the demand for the products produced by the union labor
The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?
A) 25 B) 0.75 C) 1.00 D) 0