The system of accounts for each country, based on the circular flow, whose purpose is to measure the level of economic activity is called:
A) the underground economy.
B) national income accounting.
C) bookkeeping.
D) none of the above.
B
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Most modern economists agree that there is a single factor that can be used to explain economic growth. a. This is a true statement because what are needed are abundant resources
b. This is a true statement because at the foundation of economic growth, it is essential that there exist extensive private property rights. c. This is a false statement because nearly all economists believe that economic growth is a complex process without a single dominant factor. d. This is a false statement because economists typically do not agree on policy issues.
The economy usually operates at point ________?
Exhibit 4-6 Demand and supply curves
If the market supply increases and, simultaneously, market demand decreases, the new equilibrium will show:
A. market price will decrease, and market quantity exchanged could increase, decrease, or remain unchanged. B. market price will increase, and market quantity exchanged will decrease. C. market price will increase, and the quantity exchanged could increase, decrease, or remain the same. D. market price could increase, decrease, or remain the same, and quantity exchanged will increase.
Which of the following is a land resource?
A. A farmer. B. An oil drilling rig. C. A machine for detecting earthquakes. D. Natural gas.