In the ______________, households receive goods and services and pay firms for them.
A. labor market
B. financial capital market
C. goods and services market
D. savings market
C. goods and services market
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One desirable outcome of a market economy is that it leads to a more equitable distribution of income
Indicate whether the statement is true or false
When a firm faces a downward-sloping demand curve, marginal revenue
A) must exceed price because the price effect outweighs the output effect. B) must exceed price because the output effect outweighs the price effect. C) is less than price because a firm must lower its price to sell more. D) equals price because the firm sells a standardized product.
The income and substitution effects move in ________ for lenders and in ________ for borrowers
A) the same direction; the same direction B) the same direction; opposite directions C) opposite directions; the same direction D) opposite directions; opposite directions
Currently (2009) farm employment is about:
A. 15.8 percent of total employment. B. 9.4 percent of total employment. C. 1.1 percent of total employment. D. 1.8 percent of total employment.