An example of a real flow in the circular flow diagram is
A) a household's supply of work effort at its new business.
B) Nike's payment of wages to workers in China.
C) your county's collection of property taxes.
D) the government's payment of wages to a soldier.
E) a teacher's salary at the local high school.
A
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When the price of a product exceeds the marginal cost of producing it, producers have a
A) consumer surplus. B) producer surplus. C) consumer shortage. D) producer shortage. E) deadweight surplus.
Geo Sports, a football gear manufacturer, is considering expanding its factory. Which of the following describes the best conditions for a factory expansion?
a. The long-run average total cost curve is a horizontal line. b. The slope of the long-run average total cost curve is positive. c. The slope of the long-run average total cost curve is negative. d. The slope of the long-run average total cost curve is zero.
Discuss the key criteria for success and the advantages of a central bank adopting the framework of inflation targeting.
What will be an ideal response?
Economic analysis is used
A. only by instructors and students in economics to understand the world. B. only by policy makers to make policy decisions. C. only by business people to raise profits. D. in decision making.