According to the circular flow diagram, in return for land, labor, capital and entrepreneurial ability, households receive _______________________________.
Fill in the blank(s) with the appropriate word(s).
wages, salaries, interest, and profits
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From the apartment landlord's perspective, what might be a substitute use of his rental property?
A) A parking lot B) An office complex C) A condominium D) Any of the above. E) Definitely none of the above.
What is the expenditure approach to measuring GDP?
What will be an ideal response?
If the Fed pursues expansionary monetary policy,
A) aggregate demand will fall, and the price level will fall. B) aggregate demand will fall, and the price level will rise. C) aggregate demand will rise, and the price level will fall. D) aggregate demand will rise, and the price level will rise.
If a customer values good A at $15, and it costs the firm $10 to produce, the firm can increase its profits if
a. Redesign the product such that it delivers $16 in customer value b. Redesign the production process so that the costs fall to $9 c. One or both of the above d. None of the above