In the circular-flow diagram,
a. firms own the factors of production.
b. the factors of production are labor, land, and capital.
c. the factors of production are also called "output.".
d. All of the above are correct.
b
Economics
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Between 1860 and 1920, the number of mouths fed per farmer
a. decreased by about 10 percent. b. initially decreased, but then returned to its former level and remained there. c. increased by about 50 percent. d. nearly doubled.
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The logic behind the tradeoff between inflation and unemployment is that high aggregate demand puts upward pressure on wages and prices while raising output
a. True b. False Indicate whether the statement is true or false
Economics