Which of the following would most likely be sold in the product markets?
A) iron ore B) entrepreneurial ability
C) a new car D) stocks and bonds
C
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What two groups of decision makers are represented in the basic circular flow model?
A) governments and financial institutions B) lenders and borrowers C) wholesalers and retailers D) bankers and regulators E) households and firms
In a supply-and-demand model of a labor market, which of the following should move toward an equilibrium wage and quantity?
a. cyclical unemployment b. the labor market c. the macro economy d. sticky downward wages
The nation of Aviana soon will abandon its no-trade policy and adopt a free-trade policy. If the world price of goose meat is $3 per pound and the domestic price of goose meat without trade is $2 per pound, then Aviana should export goose meat
a. True b. False Indicate whether the statement is true or false
Which of the following statements is false?
(a) Automatic stabilisers reduce the impact of economic shocks that arise from cyclical fluctuations. (b) Automatic stabilisers are deliberately put in place by government e.g. increase in jobseekers allowance. (c) Automatic stabilisers "kick in" when required and do not require deliberate action by government at the time of the economic shock. (d) All of the above are false.