A real flow in the circular flow diagram is
i. a firm's payments of wages to its workers.
ii. a household's purchase of a new car.
iii. a farmer's use of land to grow corn.
A) i, ii and iii B) ii only C) ii and iii D) i only E) i and iii
C
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The table above shows sales of the firms in the chocolate industry. What type of market is this?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
The Open Market Trading Desk is
A) another name for the Federal Open Market Committee. B) an organization of private traders in government securities. C) the area on the floor of the New York Stock Exchange set aside for bond trading. D) a group of private securities traders that the Fed has selected to participate in open market operations.
The term institutions is commonly used to refer to:
A. government bodies. B. development agencies. C. international groups. D. All of these statements are true.
A firm's total profit is the difference between its sales and what it pays out in costs
a. True b. False Indicate whether the statement is true or false