What statement below best describes how the environment is incorporated into the standard circular flow model?
A) The long-term availability of natural resources is considered
B) The pollution generated by firms and households is considered
C) The input of solar energy is considered
D) Natural resources are considered as inputs into the production process
E) The build-up of waste heat is considered
Ans: D) Natural resources are considered as inputs into the production process
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From Elizabeth I to George III, England strongly influenced the institutional structure of colonial America. This influence is realized today on which of the following fronts?
(a) Private property rights (b) The role of international trade and finance in the U.S. economy (c) Population growth through immigration (d) All of the above
The demand curve for a monopolistic competitor is likely to be flatter than that of a monopolist
a. True b. False Indicate whether the statement is true or false