Which actor in the simplified circular flow model buys or rents land, labor, and capital?
A. Government
B. Markets for factors of production
C. Households
D. Firms
Answer: D
Economics
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Perfect competition is characterized by numerous firms
a. True b. False Indicate whether the statement is true or false
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Explain the difference between the short run and the long run.
What will be an ideal response?
Economics
Excise taxes on products like gasoline and tobacco are regressive.
Answer the following statement true (T) or false (F)
Economics
Regarding the price elasticities of demand, which of the following statements is true?
A. Price elasticities vary considerably from product to product. B. Luxurious goods are generally less price elastic. C. Necessities are generally more price elastic. D. All of these statements are true.
Economics