In the circular flow model, households supply resources such as labor services in the factor market
Indicate whether the statement is true or false
TRUE
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Although GDP is not the same as economic well-being, high levels of GDP are positively correlated with all of the following except:
A. higher rates of literacy. B. higher rates of infant mortality. C. longer life expectancies. D. higher material standards of living.
Which of the following statements is true of British colonies set up in areas of Mexico, Guatemala, and Bolivia?
A) Most of the major political decisions were taken by the natives. B) The institutions set up were mostly inclusive. C) The natives had well-defined property rights. D) The natives were forced to work in mines and agricultural estates.
Which of the following is not an example of a transfer payment?
A. social security. B. sales tax. C. unemployment benefits. D. workman’s compensation.
A high income household usually consists of who?
a. a well-educated couple with both spouses employed b. a well-educated couple with one spouse employed c. a well-educated person with no children d. a well-educated person with one child