Which of the following is TRUE about product markets?
A) Factors (land, labor, capital, and entrepreneurial ability) flow from firms to households.
B) Factors (land, labor, capital, and entrepreneurial ability) flow from households to firms.
C) Goods and services flow from firms to households.
D) Goods and services flow from households to firms.
C
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At one time, people in a certain country had no access to banks; they relied exclusively on currency. Then, a fractional-reserve banking system was created. As a result, the money supply
a. increased. The central bank could have reduced the size of this increase by buying bonds. b. increased. The central bank could have reduced the size of this increase by selling bonds. c. decreased. The central bank could have reduced the size of this decrease by buying bonds. d. decreased. The central bank could have reduced the size of this decrease by selling bonds.
A measure of the way a quantity supplied reacts to a change in price:
a. subsidy b. supply schedule c. law of supply d. elasticity of supply e. excise tax
Exhibit 1A-8 Straight line relationship
According to the Exhibit 1A-8, the relationship between the price and quantity purchased of pizza is:
A. direct. B. inverse. C. complex. D. independent.
Laws that make it illegal to require union membership as a condition of continuing employment in a firm are
A) union shop laws. B) right-to-work laws. C) closed-shop laws. D) jurisdictional laws.