The lower portion of the circular flow model contains factor markets in which households provide:
a. labor, money, and machines.
b. savings, spending, and investment.
c. natural resources, labor, and capital.
d. output of all final goods and services produced.
c
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Management as it relates to home and family life was talked about for centuries but it became a formal study in the U.S. (and since worldwide) in the ____ century:
a. 17th b. 18th c. 19th d. 20th
When a market is not in equilibrium:
A. a change in either supply or demand is required to reestablish equilibrium. B. the economic motives of sellers and buyers will move the market to its equilibrium. C. government intervention is required to achieve equilibrium. D. there is neither excess supply nor excess demand.
Diseconomies of scale are associated with
A. an upward-sloping long-run average cost curve. B. a horizontal long-run average cost curve. C. a downward-sloping long-run average cost curve.
Which of the following is true about the combination of mops and brooms represented by point E in Figure 1.3 and using PP1?
A. Point E is attainable only if more resources become available or technological advances are made. B. Point E is attainable if this economy uses more of its available resources. C. Point E is unattainable if this economy becomes more efficient. D. Point E is efficient now.