In the circular-flow diagram, which of the following items does not flow from households to firms?
a. revenue
b. land, labor, and capital
c. factors of production
d. profit
d
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The short-run version of aggregate supply assumes that product prices are ________.
A. both input and product prices are fixed B. fixed while resource prices are flexible C. flexible while resource prices are fixed D. both input and product prices are flexible
One of the major reasons why nations trade is that
a. nations choose to trade for largely unknown reasons. b. resources are not equally distributed across the planet. c. nations wish to exert cultural influence abroad. d. nations wish to copy others, and need imports to study.
If Tucker University increases tuition in order to increase its revenue, it will:
a. be successful if demand is inelastic. b. be successful if supply is elastic. c. not be successful if the demand curve slopes downward. d. be successful if demand is elastic.
Which is likely to be more elastic: the demand for orange juice or the demand for a particular brand of orange juice? Explain
What will be an ideal response?