Bundle: Principles of Microeconomics, 7th + Aplia, 1 term Printed Access Card
7th Edition
ISBN: 9781305124332
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 2, Problem 2CQQ
To determine
The role of households and firms in the market for factors of production in circular flow.
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Students have asked these similar questions
Which of the following is true in the markets for factors of production in the circular-flow diagram,
a. households provide firms with labor, land, and capital.
b. households provide firms with savings for investment.
c. firms provide households with goods and services.
d. firms provide households with revenue.
Economists refer to the inputs that firms use to produce
goods and services as
a. derived factors.
b. derived resources.
c. factors of production
d. instruments of revenue.
According to a simple circular-flow diagram, how many markets do households and firms interact in?
A. four types of markets
B. one type of market
C. two types of markets
D. three types of markets
Chapter 2 Solutions
Bundle: Principles of Microeconomics, 7th + Aplia, 1 term Printed Access Card
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- i need the answer quicklyarrow_forwardWhat is ‘Toyota is contemplating increasing the production of SUVs based on projected future consumer demand’ classify as? a. Micro, examining one individual b. Micro, examining one specific firm c. Micro, examining one sectorarrow_forward2) Ben and Jerry make two types of ice cream: Chubby Hubby and Chunky Monkey. For each hour that Ben and Jerry work, they can make either 6 quarts of Chubby Hubby or 3 quarts of Chunky Monkey. Ben and Jerry work 8 hours each day. a. If they only make Chunky Monkey, how much can they produce? b. If they only make Chubby Hubby, how much can they produce? c. What is the situation if they produce 12 Chunky Monkeys and 16 Chubby Hubbys? d. What would happen if someone asked for 18 Chunky Monkey and 18 Chubby Hubby?arrow_forward
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