In the circular flow model with the government sector, taxes
A) on households flow in the same direction as do the goods and services.
B) on firms flow in the same direction as do factors of production.
C) flow in the same direction as do transfers.
D) flow from the goods market to the factor markets.
E) flow in the opposite direction as do transfers.
E
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According to the ________ Phillips curve, the unemployment rate and the inflation rate are negatively related
A) long-run and short-run B) rational expectations C) short-run D) long-run
The balance of payments schedule can be expressed as
a. X(Yƒ, ?) ? Z(Y, ?) ? F(r ? rƒ) = 0 b. X(Yƒ + ?) + Z(Y, ?) ? F(r ? rƒ) = 0 c. X(Yƒ, ?) ? Z(Y, ?) + F(r ? rƒ) = 0 d. X(Yƒ, ?) + Z(Y, ?) + F(r ? rƒ) = 0
The aggregate demand-aggregate supply model shows that closing an expansionary gap involves deflation and closing a recessionary gap involves inflation.
a. true b. false
In game theory, when all players are playing their best strategy given what their competitors are doing, the result is a Nash equilibrium.
Answer the following statement true (T) or false (F)