Economists disagree on most economic issues facing an economy.
Answer the following statement true (T) or false (F)
False
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Refer to Figure 2-11. In the circular flow diagram, who are economic agents A and who are economic agents B?
A) A = households; B = firms B) A= firms; B = product markets C) A = firms; B = households D) A = households; B = factor markets
What are the key differences between how we illustrate an expansionary fiscal policy in the basic aggregate demand and aggregate supply model and in the dynamic aggregate demand and aggregate supply model?
What will be an ideal response?
Consumers' willingness to pay for a good minus the amount they actually pay for it equals
a. consumer surplus. b. consumer benefit. c. price discriminant. d. deadweight loss.
A good synonym for "utility" is
A. satisfaction. B. necessity. C. marginal. D. need.