Which of the following is not a component in the two sector circular flow model?
A. Business Sector
B. Government Sector
C. Real Flows
D. The Resource or Factor Market
Answer: B. Government Sector
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What role does a company like J.D. Power (which provides product satisfaction reviews) serve?
A) It provides a screening test. B) It provides a signal of quality. C) It reduces moral hazard. D) It reduces costs of giving surveys.
When firms in a competitive market have different costs, it is likely that
a. free entry and exit in the market will be violated. b. the market will no longer be considered competitive. c. long-run market supply will be downward sloping. d. some firms will earn positive economic profits in the long run.
The relative prices of the products that use natural resources intensively will decrease over time with the decrease in the availability of the natural resources.
Answer the following statement true (T) or false (F)
A movement along the demand curve for toothpaste would be caused by
A) a change in the price of toothbrushes. B) a change in consumer income. C) a change in the price of toothpaste. D) a change in population.