In the circular-flow diagram,
a. factors of production flow from government to firms.
b. goods and services flow from households to firms.
c. income paid to the factors of production flows from firms to households.
d. spending on goods and services flows from firms to households.
c
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The demand for a necessity generally is
A) very elastic. B) infinitely elastic. C) unaffected by income. D) inelastic. E) unit elastic.
If 100 Japanese yen buy more U.S. dollars today than yesterday, the dollar has ________ and the yen has ________
A) depreciated; appreciated B) appreciated; depreciated C) depreciated; depreciated D) appreciated; appreciated
Agenda 21
a. was among the major documents generated at the Rio Summit b. represents a worldwide voluntary plan for moving toward sustainable development c. came about after more than 2 years of international negotiations d. all of the above
Two bottles of body wash sit side-by-side in a grocery store: Olay (a brand name) sells for $6.00, while Up and Up (not a brand name) sells for $3.00 . Even defenders of brand names would have to admit that
a. no rational consumer would spend twice as much for Olay as she would for Up and Up. b. the side-by-side presence of these two body washes conveys no useful information to consumers. c. Olay has no incentive to maintain the quality of its product just because of the Olay brand name. d. None of the above is correct.