In the factor market, households
A. buy resources.
B. sell resources.
C. are both buyers and sellers of resources.
D. are neither buyers nor sellers of resources.
Answer: B
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In the base year:
A. nominal and real GDP are equal by definition. B. real GDP will only be larger than nominal GDP if prices increased in the base year. C. nominal GDP is always larger than real GDP because prices are held constant. D. real GDP is always larger than nominal GDP because prices are held constant.
Analysis of the Great Depression indicates that
a. even though monetary and fiscal policies were highly expansionary, they were unable to offset the economic plunge. b. even though monetary policy was expansionary, restrictive fiscal policy dominated during the 1930s. c. a reduction in tax rates could not prevent the economic downturn from spiraling into a depression. d. the severity of the economic decline, if not its onset, was the result of perverse monetary, fiscal and regulatory policies.
Increasing GDP generally causes increases in problems of waste disposal.
Answer the following statement true (T) or false (F)
The value of a model is determined by
A) the usefulness of its predictions in the real world. B) the extent of the profit earned by applying it. C) the realism of its assumptions. D) the model's attention to real world details.