What types of things are sold in input or factor markets? Who are the buyers and sellers in these markets?
What will be an ideal response?
Resources used to produce goods and services are sold in input markets. These include labor, capital, and land. In input markets, households are the sellers (suppliers) and firms are the buyers (demanders).
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The increase in the average unemployment rate in the 1970s was the result of
A) higher real wage rates. B) an increase in the birth rate in the early 1970s. C) repeated increases in the minimum wage. D) an increase in the birth rate in the late 1940s and early 1950s. E) the reduction of overly generous unemployment benefits in the 1970s.
The Navigation Acts (1651 and later amendments) were part of the contemporary European commercial policy theory called
(a) laissez-faire. (b) mercantilism. (c) commercialism. (d) classical liberalism.