Which one of the following statements is true?
a. Money flows from households to firms for resources.
b. Money flows from households to foreign economies for exports.
c. Money flows from government to firms for resources.
d. Money flows from foreign economies to firms for imports.
e. Money flows from firms to households for resources.
e
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The Invisible Hand Principle suggests that
a. market prices direct individuals to produce more goods. b. individuals pursuing their own interests detract from the economic well-being of society. c. there should be stronger governmental initiatives to ensure cooperation for the betterment of society. d. market forces tend to channel the actions of self-interested individuals into activities that promote the general betterment of society.
Which of the following statements is false?
A) The shift factors for the supply curve are: income, preferences, prices of related goods, the number of buyers, and expectations of future price. B) A change in (own) price changes the quantity supplied of a good. C) A change in demand is graphically represented by a shift in the demand curve. D) A change in quantity demanded is represented by a movement along a given demand curve.