In the double-entry bookkeeping system used to track the economy, _____
a. the value of aggregate output equals the aggregate income paid for the resources used to produce that output
b. government spending on transfer payment is recorded
c. the earnings of all shareholders in the economy from the sale of shares are recorded
d. inventories are counted twice, once as investment and once as output
e. intermediate goods are counted twice, once as a type of output themselves and once as part of the final output
a
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What is a tariff?
What will be an ideal response?
In the market for factors of production, firms earn income by selling goods and services to households
Indicate whether the statement is true or false
Refer to Figure 2-16. One segment of the circular flow diagram in the figure shows the flow of goods and services from market C to economic agents A. What is market C and who are economic agents A?
A) C = factor markets; A = households B) C= product markets; A = firms C) C = factor markets; A = firms D) C = product markets; A = households
Find the size of the labor force from the following data: frictional unemployment = 150, structural unemployment = 200, cyclical unemployment = 225, discouraged workers = 25, underemployed workers = 75, fully employed workers = 850, total population = 2,000
a. 1,425 b. 1,450 c. 1,500 d. 1,525 e. 2,000