In the factors of production market Select one: O a. households and firms are both buyers O b. households and firms are both sellers O c. households are sellers and firms are buyers. O d. households are buyers and firms are sellers
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- Question 11: In the circular-flow diagram, firms buy _____ in the _____ market. Question 11 options: A) goods and services; product B) goods and services; factor C) resources; product D) resources; factorGive typing answer with explanation and conclusion Which of the following illustrates goods markets? A. Maggie took an educational loan of $10,000. Safeway sells milk at $4.35 a gallon. B. Anna got a job with a public firm. Smith wants to take a vacation in December. C. Walmart sells potatoes at $2.14 a pound. Ann bought a new condo for $200,000. D. Banks have raised interest rates to 2.5 percent. Ryan enjoys playing chess.In the simple circular-flow diagram, who buys the factors of production? A) Households only B) Firms only C) Both households and firms D) Neither households nor firms
- There are two kinds of markets in circular flow diagram in economicsThese are product markets and factor markets. A factor market is the market for goods and services.Is that true or false?What is the Theory of Production in economics? Explain..a) Can you identify and explain your family’s interaction in the market for factors of production and your family’s interaction in the market for goods and services. b) Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. i. Kaleem pays a shopkeeper Rs.150 for a liter of milk. ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. iii. Sana spends Rs.500 on a haircut. iv. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd.
- Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.Macroeconomics is the branch of economics that deals with:(A) the prices of individual goods (B) important rather than trivial issues (C) how individual markets work (D) the economy as a wholeEverything is made up of the four factors of production. Look at the shirt you have on right now. List the four factors of production and give a specific example of each which might have been used in the production of your shirt. You have to be specific with each factor. You cannot say "resources" or "land".
- A. INDICATE WHICH OF THE FOLLOWING IS A POSITIVE OR NORMATIVE STATEMENT I. "Earnings increase with education because education raises a worker's productivity."II. The taxes imposed on gasoline in Barbados is excessive and inequitableto motorists.III. A decrease in income will result in a fall in the demand for motorcycles.IV. Rising flour prices will increase the price of bread.V. The government is more concerned with inflation than unemployment.VI. People are worried about the effects of joining the CSME.Explain the term free-market economy.Solve all parts 1. Italy's real GDP fell from $2.2 trillion one year to $1.9 trillion the next, the annual growth rate would be: a 13.6 percent b -13.6 percent c 15.8 percent d -15.8 percent 2. good that is most likely to be in the producer price index is: a apples b gasoline c books d person in prison 3. The best example of a standardized good would be: a an autographed baseball b None of these could be considered a standardized good c corn d a handbag 4. If consumption is $8 billion, investments is $4 billion, government purchases are $2 billion, imports are $1 billion, and exports are $2 billion, GDP must equal: a $15 billion b $14 billion c $17 billion d $16 billion 5. market basket: a consists of no more than 4 goods. b Includes only necessities c includes specific goods and services in fixed quantities that roughly correspond to a typical consumer's spending. d includes housing, food, clothing, transportation and oil.