What does the upper half of the diagram represent—the part marked 1?
a. the product market
b. the factor market
c. the government flow of resources
d. the flow of income
Ans: a. the product market
Economics
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Which of the following pairs of goods has a negative cross-price elasticity?
A) Pens and paper notebooks B) Nokia and Samsung cell phones C) Compact Disks (CDs) and electronic music files D) Motorcycles and typewriters
Economics
_____ in the United States relative to GDP increased from 37 percent in 1994 to 40 percent in 2013
a. Interest rates b. Government outlays c. Government revenues d. Unemployment rates e. Government deficits
Economics