A household is hurt on the ________ side when its net profits or wages fall, and it is hurt on the ________ side when the prices of goods and services increase.
A. input; output
B. flow; stock
C. sources; uses
D. uses; sources
Answer: C
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According to the historical record of inflation since the 1300s, the inflation rate
A) became highest in the twentieth century. B) was at its lowest after Columbus arrived to America. C) was at its highest during the Industrial Revolution. D) has always been consistently high. E) was higher in the 1300s than in the 1900s.
The relevant cost in economic decision-making is the opportunity cost of the resources rather than the outlay of funds required to obtain the resources
a. true b. false
Coffee Shower, Cloud Nine Coffee, and LoopCafe have each agreed to reduce their output in order to reduce total market supply and raise market price. This is an example of _____
a. a cartel b. a collusion c. a duopoly d. game theory
Economists usually use the term "recession" to refer to:
A. any slowdown in the growth of real GDP. B. zero real GDP growth. C. two or more consecutive quarters of declining real GDP. D. a reduction in nominal GDP lasting more than six months.