Which of the following is NOT true of a market economy?O Decisions are regulated by a central agency.O In its pure form, it is also known as a laissez-faire economy.O The interaction between buyers and sellers answers the basic economic questionsof what getsproduced, how it gets produced, and who gets it.O t relies on millions of individual economic decisions to determine economicoutcomes. Which of the following statements about a circular flow model is false?Households are neither buyers nor sellers in the input (resources)market.Producers are buyers in the resources ( factors of production) market.Households are buyers in the product (goods and services) market.Producers are buyers in the factor market and sellers in the product( goods andservices) market.

Option D is wrong It relies millions of individual economic dicision to determine economic output…

Answered: Which of the following is NOT true of a…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 3SQ

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Similar questions

Which of the following statements about a simple circular flow model is false? Producers are buyers in the factor market and sellers in the product market. Households are buyers in the product market. Households are neither buyers nor sellers in the product market. Producers are buyers in the factor market.
Several factors contribute to the circular flow model of the market, including factors of production. Which of the following factors of production refers to man-made items used to produce goods? capital resources human resources natural resources general resources
Which of the following statements about the circular flow model is false? Business firms buy goods and services from the household sector. Households supply resources to the business sector Businesses supply goods and services to the household sector. Consumers earn income by selling resources they own to businesses.
. Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities. Paul purchases a pair of shoes for $30 Shannon receives a salary of $1,500 per week at the supermarket which she works Honda Limited receives $20,000 for the sale of a sports utility vehicle Mark earns $2,000 from his 15 percent ownership of Apple stock Classify each of the following statements as positive or normative. Explain. Bahamas faces a trade-off between inflation and unemployment The ECCB should reduce the interest rates St. Lucia ought to provide a pension for all citizens. 4.Higher tax rates discourage savings and working Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following scenarios. The market for gasoline Scenario 1: Electric…
Which of the following were elements of the version of the circular flow model of an economy that we studied in class? Could be more the one answer firms that were buyers in the market for factors of production households that were buyers in the market for goods and services government households that were sellers in the market for factors of production
Which of the following factors in a circular flow model is always represented by arrows on the outside of the model? resources money goods services
Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities. Sam pays a storekeeper $1 for a quart of milk. Sally earns $4.50 per hour working at a fast food restaurant. Serena spends $7 to see a movie. Stuart earns $10,000 from his 10 percent ownership of Acme Industrial.
. Categorize each of the following statements as being the result of either positive economic analysis or normative economic analysis: The government should provide free childcare to increase gender equality in the labor market. An increase in the capital gains tax rate reduces the total amount of business investment in the economy. An increase in unemployment insurance will increase the length of time that laid-off workers remain unemployed. Large businesses should focus more on corporate social responsibility and pay more attention to their environmental impact.
Which of the following areas of study typifies microeconomics as opposed to macro-economics? a. The impact of minimum-wage laws on employment in the fast food industry b. The effect of changes in household saving rates on the growth rate of national income c. The effect of an increasing inflation rate on national living standards d. The effect of an increase in the minimum wage on an economy’s overall rate of unemployment
Classify the following as microeconomics or macroeconomics and provide a justification for your choice. The effect of government regulations on car emissions. The impact of an increase in the price of computer chips on the market for personal computers. The relationship between education and economic growth. The impact of a decrease in national saving on a country's economic growth.
Classify the following as microeconomics or macroeconomics and provide a justification for your choice.(a) Research into why the growth rate of total production increased.(b) A theory of how consumers decide what to buy.(c) An analysis of IBM's share of the personal computer market.(d) Research on why interest rates in a country were unusually high.
In the Romer model presented in class, a firm can allocate labor between production and research and development (technology). What happens if an economy allocates all of its labor to production and none to technology? it will reduce output it will slightly reduce the number of ideas it generates it will increase the number of ideas it generates it will not generate any ideas None of these answers are correct.

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