The circular flow model is not used anymore because it fails to perfectly replicate real world situations
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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The general health of the population of a country improves as its medical support system improves. Which of the following is a likely outcome of this?
a. Marginal product of labor will increase. b. Value of marginal product of labor will fall. c. The equilibrium wage rate will decline. d. There will be excess supply of labor in the market.
Economics
Consumer surplus is to buyer well-being as ______is to seller well-being.
a. producer surplus b. market price c. tax rate d. consumer awareness
Economics