In terms of the circular flow diagram, businesses obtain revenue through the _____ market and make expenditures in the _____ market
A. product; financial
B. resource; product
C. product; resource
D. capital; product
Answer: C
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A payoff matrix shows:
A. the payoff to being a perfectly competitive firm. B. the demand curve facing a firm when there are only two firms. C. the payoffs for each possible combination of strategies. D. the payoff to being a monopolist.
Refer to Scenario 12.1. By what approximate percentage will Jennifer's income increase from age 25 to age 60?
A) 287 percent B) 400 percent C) 452 percent D) 561 percent
The idea that unequal incomes are unfair generally uses the ________ principle of fairness
A) big tradeoff B) involuntary exchange C) voluntary exchange D) it's not fair if the result isn't fair E) it's not fair if the rules aren't fair
Fixed exchange rates are rates set by government decisions and maintained by government actions.
Answer the following statement true (T) or false (F)