In the United States, consumers, businesses, governments, and foreigners participate in both the product and factor markets.
Answer the following statement true (T) or false (F)
True
Consumers, businesses, government agencies, and foreigners participate in the marketplace by offering to buy or sell goods and services as well as factors of production.
You might also like to view...
From 1950 to 2015 the number of people who lived on farms fell from 23 million to fewer than 3 million? Which of the following factors have contributed to this trend?
A) government policies that have increased the cost of living and working on farms B) increases in the cost of farming and a desire for young adults to move to urban areas C) rapid growth in farm production and low income and price elasticities for food products D) slow growth in agricultural productivity and low income elasticities for food products
Which of the following is true of the federal budget? a. The federal budget is a plan that describes a government's monetary policy for the current financial year
b. The federal budget is a plan that describes a government's fiscal policy for the current financial year. c. The federal budget is a plan that describes the president's take on the economy. d. The federal budget is a plan for federal government outlays and revenues for a specified period, usually a year. e. The federal budget is a plan that describes the eligibility criteria of the major entitlement programs taken up by Congress for the current financial year.
Answer the following questions:
a. What is meant by the term "business cycle"? b. What economic indicators would indicate where the economy is in the business cycle? Explain. c. Give the four phases of the business cycle in their order of occurrence. d. What criterion must be met for our economy to be officially in a recession?
Joe and Pam are neighbors. Joe asks Pam to drive him to the airport. Before leaving, Joe pays for Pam to fill her car's gas tank at the local gas station. Joe's trip to the airport would be ________.
A. not counted in GDP because the trip does not involve any formal market transactions B. counted in GDP because Joe purchased the gas C. not counted because nothing was actually produced D. counted in GDP because Joe and Pam represent different households