Answer the following statement(s) true (T) or false (F)
1. In the Circular Flow Model, money flows are disregarded.
2. Within the Circular Flow Model, households are assumed to be the owners of all factors of production, including the natural resources.
3. Residuals are by-products, or pollution, left in the environment after a technological or natural process as occurred.
4. The discipline concerned with the resource flow from economic activity back to nature is known as natural resource economics.
5. According to the first law of thermodynamics, matter and energy can be destroyed but not created.
1. False
2. True
3. True
4. False
5. False
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The term "currency drain" refers to an increase in currency held outside banks
Indicate whether the statement is true or false
________ is the benefit that a consumer of a good or service receives
A) Marginal private benefit B) Marginal external benefit C) Marginal social benefit D) Both answers A and B are correct.
Since World War II, the likelihood that any single item in the typical consumption basket of a consumer in the U.S. originated outside of the U.S
A) remained constant. B) increased. C) decreased. D) fluctuated widely with no clear trend. E) increased slightly before dropping off.
To escape poverty, a country needs
a. Western banks to report deposits by corrupt officials b. to develop laws and regulations to ensure the transparent management of natural resources c. special trade advantages d. ten years of domestic peace e. All of the answers are correct