Markets in which entry and exit are difficult are known as contestable markets.
Answer the following statement true (T) or false (F)
False
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All of the following are examples of spending on factors of production in the circular flow model except
A) Bima hires two students to work at his ice-cream store. B) Iris buys a dozen roses for her mother's birthday. C) "Get Fit Together" purchases 3 new treadmills for its gym. D) The Banyan Tree rents a much larger property so that it can add a restaurant to its facilities.
Which of the following is necessary for the economy to be in equilibrium?
a. Income must be greater than output. b. Income must be less than output. c. Aggregate expenditure must equal output. d. Aggregate expenditure must equal investment.
Of the dozen of studies that study the effect on wages, most of the studies show that immigration has ________ effect on wages of the native worker as a whole.
A. a relatively small B. zero C. relatively large D. very large, almost 100%
Refer to the information provided in Figure 7.1 below to answer the following question(s). 
Figure 7.1Refer to Figure 7.1. This corn producer produces 100 bushels of corn and sells each bushel at $5. The cost of producing each bushel is $2. This corn producer's total revenue is ________ and profit is ________.
A. $200; $300 B. $300; $200 C. $500; $200 D. $500; $300