In the circular flow model, there are two types of markets: the ________ market and the ________ market
A) goods; factor
B) supply; demand
C) households; firms
D) producers; consumers
E) service; goods
A
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In open economies
A) saving and investment are necessarily equal. B) as in a closed economy, saving and investment are not necessarily equal. C) saving and investment are not necessarily equal as they are in a closed economy. D) saving and investment are necessarily equal contrary to the case of a closed economy. E) investment always refers to the domestic stock market.
When drawn against the real interest rate, the output supply curve is upward sloping because labor supply is
A) increasing in the real interest rate and labor demand is independent of the real interest rate. B) decreasing in the real interest rate and labor demand is independent of the real interest rate. C) independent of the real interest rate and labor demand is increasing in the real interest rate. D) independent of the real interest rate and labor demand is decreasing in the real interest rate.