The circular flow of economic activity is a model of the:
a. flow of goods, services, and payments between households and firms.
b. influence of government on business behavior
c. role of unions and government in the economy.
d. interaction among taxes, prices, and profits.
a
Economics
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In 1984, the National Minimum Drinking Age Act was passed, raising the legal age to consume alcoholic beverages in the United States from 18 to 21
If the legal drinking age was changed back to 18, how would this affect the market for alcoholic beverages? What would happen to the equilibrium price and quantity of alcoholic beverages?
Economics
If Sean thinks that the choice between going to Olive Garden or Red Lobster is simply too confusing, a behavioral economist will explain that Sean is showing ________
A) the endowment effect B) bounded rationality C) bounded self-interest D) bounded will power
Economics