Homework Answers
a) Factors of production are bought and sold in these markets.
Resource market is a market where firm buys resources to produce goods and services. These resources are land, labor, capital and entrepreneurship which are called factors of production.
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which of the following is true of resource market
mclec06h ch01-01.11m Which of the following is...
question 1 and 5 8 je Circular Flow of Economic Activity Worksheet 1. Which of the...
question 1 and 5
8 je Circular Flow of Economic Activity Worksheet 1. Which of the following is NOT one of the three fundamental economic participants a. households b. businesses c. banks d. government 2. The simple circular flow model shows that: a. households are on the selling side of the resource market and the buying side of the product market. b. households are on the buying side of both product and resource markets c. businesses are on the buying...
7. Which one of the following is an example of the circular flow model and shows...
7. Which one of the following is an example of the circular flow model and shows the interdependence of households and firms? a. The firms go to the resource market to supply resources that households demand and, in turn, provide households with the goods and services produced for the product markets. b. Households demand their resources from the firms in the factor markets and, in turn, supply in the product market the goods and services produced by firms. c. The...
1 Which of the following is true? opportunity cost can be measured by the slope of...
1 Which of the following is true? opportunity cost can be measured by the slope of the PPC curve (frontier) productive or technical efficiency occurs anywhere on the production possibilities curve allocative efficiency occurs at a specific point (i.e. a specific mix of production) on the production possibilities curve (frontier) that is valued above all alternatives. all of the answers are correct none of the answers are correct 2 The opportunity cost of a good is the same as its...
TIES llisWer question 1. Skateboards PPF1 PPF2 Shoes The shift from PPF1 to PPF2 could occur...
TIES llisWer question 1. Skateboards PPF1 PPF2 Shoes The shift from PPF1 to PPF2 could occur in response to: a. increased unemployment in the shoe industry b. increased unemployment in the skateboard industry c. technological improvements in the shoe industry d. technological improvements in the skateboard indystry Product Market goods and services output spending revenue Business Sector Household Sector payments income inputs Resource Market resources Households goods and services in the Product Market. supply/demand ss firmsgoods and services in the...
Which actor in the simplified circular flow model is on the supply side of the goods...
Which actor in the simplified circular flow model is on the supply side of the goods market? Markets for factors of production Government Firms Households
The circular flow model shows the O A. distribution of income to the different factors of...
The circular flow model shows the O A. distribution of income to the different factors of production O B. combinations of the factors of production needed to produce goods and services. O C. flow of expenditure and incomes that arise from the households', firms, and governments' decisions. OD. distribution of income and consumption goods across income levels. O E. flow of natural resources from firms to the private market to government and back to firms,
O box D is the product market and box B is the resource market. box D...
O box D is the product market and box B is the resource market. box D is the product market and box B is households. box B is the product market and box C is households. box C is the product market and box B is the resource market. Question 9 The direct exchange of goods for goods is O barter. O the circular flow. the invisible hand. roundabout production. Question 10 Which statement is correct? O In a market...
1. The economy's income and expenditure The following diagram presents a circular-flow model of a simple...
1. The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when _purchase in markets for factors of production. Suppose Becky earns $625 per week...
?Which of the following is a labor resource :Select one .a o silicon (sand) used to...
?Which of the following is a labor resource :Select one .a o silicon (sand) used to make computer chips .bo a computer programmer .co. software used by a firm . do a computer LRIVLAAIVL ECON - 141 In a market system, the distribution of goods and services among consumers is largely determined by Select one .a. whoever needs the goods and services the most .b. the willingness and ability of consumers to pay the prices .c. a random factor that...
In the circular flow, households supply goods and services in product market supply factors of production...
In the circular flow, households supply goods and services in product market supply factors of production in the factor market use the resources for production buy factors of production in the factor market
question 1 and 5
8 je Circular Flow of Economic Activity Worksheet 1. Which of the following is NOT one of the three fundamental economic participants a. households b. businesses c. banks d. government 2. The simple circular flow model shows that: a. households are on the selling side of the resource market and the buying side of the product market. b. households are on the buying side of both product and resource markets c. businesses are on the buying...
7. Which one of the following is an example of the circular flow model and shows the interdependence of households and firms? a. The firms go to the resource market to supply resources that households demand and, in turn, provide households with the goods and services produced for the product markets. b. Households demand their resources from the firms in the factor markets and, in turn, supply in the product market the goods and services produced by firms. c. The...
TIES llisWer question 1. Skateboards PPF1 PPF2 Shoes The shift from PPF1 to PPF2 could occur in response to: a. increased unemployment in the shoe industry b. increased unemployment in the skateboard industry c. technological improvements in the shoe industry d. technological improvements in the skateboard indystry Product Market goods and services output spending revenue Business Sector Household Sector payments income inputs Resource Market resources Households goods and services in the Product Market. supply/demand ss firmsgoods and services in the...
The circular flow model shows the O A. distribution of income to the different factors of production O B. combinations of the factors of production needed to produce goods and services. O C. flow of expenditure and incomes that arise from the households', firms, and governments' decisions. OD. distribution of income and consumption goods across income levels. O E. flow of natural resources from firms to the private market to government and back to firms,
O box D is the product market and box B is the resource market. box D is the product market and box B is households. box B is the product market and box C is households. box C is the product market and box B is the resource market. Question 9 The direct exchange of goods for goods is O barter. O the circular flow. the invisible hand. roundabout production. Question 10 Which statement is correct? O In a market...
1. The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when _purchase in markets for factors of production. Suppose Becky earns $625 per week...
?Which of the following is a labor resource :Select one .a o silicon (sand) used to make computer chips .bo a computer programmer .co. software used by a firm . do a computer LRIVLAAIVL ECON - 141 In a market system, the distribution of goods and services among consumers is largely determined by Select one .a. whoever needs the goods and services the most .b. the willingness and ability of consumers to pay the prices .c. a random factor that...
In the circular flow, households supply goods and services in product market supply factors of production in the factor market use the resources for production buy factors of production in the factor market
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