In the circular flow diagram, firms' payments ________ the government.
A. flow into and out of
B. do not affect
C. only flow out of
D. only flow into
Answer: A
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Real business cycle theorists emphasize
a. the large number of minor, unconnected technological changes and their randomness, and these are not factors generating a business cycle b. the small number of technological changes that clustered together trigger the business cycle c. the evenness (or absence of any variations) in the economy's full employment growth path d. the static and uncompetitive nature of the economy, which explains the failure of the economy to generate full employment e. that technological change is irrelevant in a modern industrial society
The value of intermediate goods is not included in the calculation of GDP to avoid the problem of
A. depreciation. B. inflation. C. double counting. D. transfer payments.
In the economy above, real GDP for year 3 is:
A. $512.
B. $428.
C. $480.
D. $691.
An investment in yourself is an investment in what economists call human capital
a. True b. False Indicate whether the statement is true or false