One of the most basic models of the economy is:
A. real GDP per capita.
B. the current population survey.
C. consumer expenditure.
D. the circular flow model.
D. the circular flow model.
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According to the Bureau of Labor Statistics, among workers ages 45 to 54, the median job tenure is
A) longer for men than it is for women. B) longer for women than it is for men. C) roughly equal for all men and women. D) roughly equal for men and women closer to age 45, but longer for women closer to age 54 than men closer to age 54.
A firm in a perfectly competitive market
a. can raise the price of its product and sell more output b. can lower the price of its product and sell more output c. can increase its supply to lower the price d. can decrease its supply to raise the price e. accepts the market price for its product