In the market for resources, demand and supply:
a. do not behave in the same way as they do in product markets.
b. behave in exactly the same way as they do in product markets.
c. curves usually do not intersect at equilibrium.
d. are both controlled by firms.
e. are both controlled by households
b
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The government budget involves:
A. money coming in as tax revenues. B. money going out through government purchases. C. money going out to individuals for programs that do not involve goods or services. D. All of these are true.
For an inferior good:
a. the income elasticity is positive. b. the income elasticity if negative. c. the income elasticity is zero. d. the income elasticity is unity.
Which of the following is an example of a transfer payment by the government?
a. The government provides unemployment benefits to its citizens. b. The local government invests in building a community center. c. The government raises funds in order to build bridges and roads. d. The government provides healthcare to its citizens at a subsidized price. e. The government provides concessional rates to senior citizens who use public transport.
Which of the following events triggered intense debate over the classical model of the economy?
a. The U.S. Civil War b. World War I c. the Baby Boom d. The Great Depression e. World War II