In the circular flow diagram, dollars flow ______.
a. the same way as goods and services
b. clockwise
c. counter clockwise
d. outward from the center
b. clockwise
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Which of the following is NOT true about the supply of labor to the firm in a competitive labor market?
A) It is horizontal. B) It is perfectly elastic. C) It is equal to the marginal expenditure curve. D) It is upward sloping.
According to the text, producing different brands of essentially the same good is called brand
a. multiplication b. duplication c. amplification d. recognition e. loyalty
Which one of the following is part of the official money supply in the United States?
A. Federal Reserve notes B. gold bars C. common stock D. credit card balances
Which of the following is false?
A. The monopolist and perfect competitor both produce where MC equals MR. B. A monopoly is a firm that produces all the output in an industry. C. If a monopolist is losing money, it is in the long run. D. Price is read off the demand curve for the monopolist.