The two loops in the circular-flow diagram represent
a. the flow of goods and the flow of services.
b. the flow of dollars and the flow of financial assets.
c. the flow of inputs into production processes and the flow of outputs from production processes.
d. the flows of inputs and outputs and the flow of dollars.
d
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Suppose a good has an external benefit and no external cost. When a competitive, unregulated market is at its equilibrium, then the
A) marginal private benefit is less than the marginal social benefit. B) marginal private benefit is greater than the marginal social benefit. C) marginal private cost is less than the marginal social cost. D) marginal private cost is greater than the marginal social cost.
For an economy starting at full employment real GDP, an increase in autonomous expenditure results in a(n)
A. increase in full-employment output. B. decrease in full-employment output. C. recessionary output gap. D. inflationary output gap.
Dairy farmers hold an annual Capitol Hill ice cream social that provides free ice cream for congressional staffers during which time representatives from the industry discuss issues with, and provide information to, congressional staff. This is an example of
a. logrolling. b. rent seeking. c. pork-barrel legislation. d. the shortsightedness effect.
The United Mine Workers and the United Auto Workers are examples of ________ unions.
Fill in the blank(s) with the appropriate word(s).