In the circular-flow diagram,
a. firms are buyers in the markets for goods and services.
b. households are sellers in the markets for the factors of production.
c. firms are sellers in the markets for factors of production and in the markets for goods and services.
d. dollars that are spent on goods and services flow directly from firms to households.
b
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Describe the effect that a surplus of tobacco will have on a cigarette producer's pricing and production decisions.
What will be an ideal response?
According to the life-cycle hypothesis, as people grow older ________
A) their wealth grows before and after retirement B) their wealth declines before and after retirement C) their wealth grows before retirement, then declines after retirement D) their wealth falls before retirement, then rises after retirement
All of the following are forms of price discrimination, except one. Which is the exception?
a. cents-off coupons for use at the grocery store b. different prices for movie tickets for children and adults c. making airline reservations 30 days in advance and receiving a lower rate d. different prices for prescription drugs for senior citizens and others e. different prices for "2nd day delivery" and "next day air delivery"
Answer the following statement(s) true (T) or false (F)
1. Standard setting under the Safe Drinking Water Act Amendments of 1996 ignores benefit-cost analysis. 2. The EPA under the Obama administration devised a Drinking Water Strategy with goals that include addressing contaminants as groups instead of one at a time. 3. Under the law, priority contaminants are those that are expected to have an adverse effect on the ecology. 4. Under U.S. law, National Primary Drinking Water Regulations (NPDWRs) have been announced for hundreds of chemicals, microorganisms, and radionuclides. 5. Each National Primary Drinking Water Regulation (NPDWR) includes a Maximum Contaminant Level Goal (MCLG), a Maximum Contaminant Level (MCL), and Best Available Technology (BAT).