The ________ demonstrates the roles played by households and firms in the market system
A) theory of comparative advantage B) business cycle
C) circular flow model D) production possibilities frontier
C
Economics
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If real GDP grows at a faster rate than does population, then the standard of living, as measured by real GDP per person,
A) worsens. B) remains the same. C) cannot be measured. D) improves. E) either improves, worsens, or stays the same, depending on the size of the population and the actual level of real GDP.
Economics
Consider the following weekly production possibilities of gloves and hats in Panama and Russia:
Russia Panama Gloves 20 180 Hats 80 90 What is each country's opportunity cost of producing gloves and hats? If the countries could, should they trade?
Economics