In the circular-flow diagram,
a. firms own the factors of production.
b. The factors of production are labor, land, and capital.
c. The factors of production are also called "output."
d. All of the above are correct.
b. The factors of production are labor, land and capital.
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The uncertainty costs of inflation cause ________ because ________
A) a decrease in investment and slower growth; people focus on the long run and not the short run B) an increase in investment and faster growth; people focus on the short run and not the long run C) a decrease in investment and slower growth; people increase their demand for money D) a decrease in investment and slower growth; people focus on the short run and not the long run E) an increase in investment and faster growth; people decrease their demand for money
Differentiate between the current account balance and the capital account balance.
What will be an ideal response?
Skis and snowboards are close substitute goods. Fill in the blanks: A in the price of snowboards would tend to the demand for
What will be an ideal response?
If a country voluntarily agrees to have its companies import more goods from another country, the country has
A. a mandated tariff. B. a voluntary restraint agreement (VRA). C. a mandated agreement. D. a voluntary import expansion (VIE) agreement.