In the circular-flow diagram, which of the following items flows from households to firms through the markets for the factors of production?
a. goods and services
b. land, labor, and capital
c. dollars spent on goods and services
d. wages, rent, and profit
b
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The graph shows
A) a relationship with a minimum. B) a relationship with a maximum. C) no relationshi
For a duopoly, the maximum total profit is reached when the duopoly produces
A) the same amount of output as the competitive outcome. B) the same amount of output as the monopoly outcome. C) an amount of output that lies between the competitive outcome and the monopoly outcome. D) more output than the competitive outcome. E) less output than the monopoly outcome.
The opportunity cost of producing a pair of pants in the USA is 5 bushels of wheat, while in China, it is 2 bushels of wheat. As a result:
a. there can be mutual gains from trade to the two countries if the USA exports wheat to China in exchange for pants b. The USA has a comparative advantage over China in the production of pants. c. China has a comparative advantage over the USA in the production of wheat d. there can be mutual gains from trade to the two countries if the USA exports pants to China in exchange for wheat.
According to the U.S. Census Bureau, physicians in the United Kingdom are mostly
A. private fee for service professionals. B. private professionals charging government-imposed fees. C. locally-elected officials. D. public employees.