Refer to Figure 2-15. One segment of the circular flow diagram in the figure shows the flow of wages and salaries from market K to economic agents M. What is market K and who are economic agents M?
A) K = product markets; M = firms B) K = factor markets; M = firms
C) K = product markets; M = households D) K = factor markets; M = households
D
You might also like to view...
Which of the following is an implicit cost in Jim's business venture?
i. the salary Jim could have earned at another job ii. the interest Jim must pay on the loan he incurred to help open his business iii. the interest Jim lost when he used his savings to help open his business A) i only B) ii only C) iii only D) i and iii E) ii and iii
What was the approximate peak amount of borrowing from the Fed during the Financial Crisis of 2007-2009?
A) $2 billion B) $100 billion C) $270 billion D) $1 trillion
The percent of receipts from sales taxes and property taxes for state and local governments are ________ and ________ respectively.
Fill in the blank(s) with the appropriate word(s)
Some proponents of trade sanctions argue for changes in policy because they fear low standards will be used to capture markets and foreign investment. While theoretically possible, there is little or no support for the view that countries use low labor standards this way, because
A) countries with low labor standards generally have trouble attracting foreign investment. B) low standards can change a country's comparative advantage. C) it is impossible to lower labor standards. D) countries would not have an incentive to have low standards.