The circular flow model shows the:
a. stock of precious metals in a country
b. flow of resources between households and firms.
c. stock of money in an economy.
d. flow of financial assets in an economy.
b
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If insurance is fairly priced, a risk-averse individual will purchase enough insurance to cover the full amount of the possible loss
Indicate whether the statement is true or false
From 1922 to 1929, the total value of the stock market:
A. more than tripled. B. decreased by nearly 50 percent. C. decreased by nearly 90 percent. D. stayed the same.
A headline reads: "Steel industry suffers slump as import competition increases; unemployment rises." This type of unemployment can best be characterized in economic terms as:
a. Natural b. Cyclical c. Structural d. Frictional
The market structure of oligopoly is when
A) there are a small number of interdependent firms that constitute the entire market. B) there is a single producer of a product. C) there are many producers of a differentiated product. D) there are many producers of a homogeneous product.