Which of the following is consistent with the circular flow of income?
I. Goods and services flow in one direction.
II. Payments and incomes flow in one direction.
III. Sellers receive less than what buyers spend.
A) I only B) II only C) III only D) Both I and II
D
Economics
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If the government raises taxes ________
A) planned expenditures fall B) equilibrium output falls C) the IS curve shifts to the left D) all of the above E) none of the above
Economics
At the December meeting of the American Economic Association, 2,500 new Ph.D.s look for college teaching jobs. If the average wage offer is $40,000 and Tedium University makes that offer, it is likely to
a. be ignored b. attract only average Ph.D.s c. attract applicants from top schools d. attract Ph.D.s with strong dissertations e. attract applicants of below-average quality
Economics