The circular flow diagram includes the following players:
a. government, firms, financial markets, goods markets
b. factor markets, goods markets, financial markets, firms
c. households, firms, government, rest of the world
d. households, factor markets, goods markets, firms
c
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People who are not currently employed, but say they want a job, are counted as unemployed only if they
A) are actively seeking employment. B) are between 16 and 65 years of age. C) are willing to accept a reasonable offer. D) have no other source of income. E) have previously held a job.
There is an increase in incomes. What happens in the market for steak?
A) The equilibrium price falls, and the equilibrium quantity rises. B) The equilibrium price rises, and the equilibrium price falls. C) The equilibrium price and quantity rise. D) The equilibrium price and quantity fall.