Households are paid income for the resources they supply in an input market.
Answer the following statement true (T) or false (F)
True
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Ersatz Kreme will sell its filling to Hunky Donuts only if Hunky Donuts agrees not to buy filling from other suppliers. This is an example of
a. price discrimination b. exclusive dealing c. a tying contract d. interlocking directorates e. a trust
Americans whose jobs have been lost to free trade should, in theory:
A. leave the workforce, in the long run. B. gain surplus, as the income effect outweighs the price effect of their labor. C. be able to find new jobs, given time. D. have extended bouts of unemployment due to static job skills.
Over the last ten years productivity grew more slowly in Iberia than in Aire while the population and total hours worked remained the same in both countries. It follows that
a. real GDP per person must be lower in Iberia than in Aire. b. real GDP per person grew more slowly in Iberia than in Aire. c. the standard of living must be higher in Iberia than in Aire. d. All of the above are correct.
Lower taxes on businesses will shift the aggregate:
A. demand curve rightward. B. demand curve leftward. C. supply curve rightward. D. supply curve leftward.