A circular-flow diagram is a visual model of the economy
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
What are the two channels through which the world economy can affect U.S. aggregate demand? State what changes in the world economy can increase U.S. aggregate demand
What will be an ideal response?
A consumer's budget line will shift to the right in a parallel manner if:
a. the price of the good on the X-axis decreases. b. the price of the good on the Y-axis increases. c. the consumer's income increases d. the consumer's income decreases.
Economic growth can be measured by:
(a) The Consumer Price Index; (b) The National Household Quarterly Survey; (c) Gross Domestic Product; (d) Marginal Propensity to Consume.
Suppose that because of unseasonably cold weather in California, a significant portion of the orange crop has been lost to freezing temperatures. This statement means that
A. the amount of oranges available at various prices will decline. B. the demand for oranges will rise. C. the price of oranges will fall. D. the equilibrium quantity of oranges will rise.