Answer the following questions true (T) or false (F)
1. The payment received by suppliers of entrepreneurial skills is called wages.
2. In the circular flow model, households demand resources such as labor services in the factor market.
3. In economics, the term "free market" refers to a market where products are traded but not sold.
1. FALSE
2. FALSE
3. FALSE
Economics
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In a closed economy, which of the following equations reflects investment? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)
A) Y - T + TR B) Y - C - T C) C + G -T D) Y - C - G
Economics
When the amount of sales is small, but each sale has a high value, cheating on a cartel arrangement can significantly increase an individual firm's profits
a. True b. False Indicate whether the statement is true or false
Economics