The payments to the factors of production are:
A) wages.
B) rent.
C) rent and interest.
D) wages, rent, interest, and profits.
D
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A circular-flow diagram is a model that
a. helps to explain how participants in the economy interact with one another.
b. helps to explain how the economy is organized.
c. incorporates all aspects of the real economy.
d. Both (a) and (b) are correct.
Refer to Table 9-12. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many swords will Estonia gain compared to the "without trade" numbers?
A) 25 B) 75 C) 100 D) 125
If the demand for the finished good is elastic, the demand for the resources used to produce that good will be inelastic
Indicate whether the statement is true or false
International exchange in which countries both import and export the same good is called:
A) one-way trade. B) strategic trade. C) two-way trade. D) multilateral trade.