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Last week Stephanie quit her job as a copy-writer at an advertising agency. She has spent the past few days browsing the help-wanted ads, but hasn't found anything that matches her skills. Stephanie is best classified as:
Money flows from households to firms as households offer factors of production for sale.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
structurally unemployed.
the lenders gain and the borrowers lose.
imports.
income plus government transfers minus taxes.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
If a worker becomes unemployed due to an increase in the minimum wage, that worker is:
Money flows from households to firms as households offer factors of production for sale.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
structurally unemployed.
the lenders gain and the borrowers lose.
imports.
income plus government transfers minus taxes.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
If the actual inflation rate is less than the expected inflation rate, then:
Money flows from households to firms as households offer factors of production for sale.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
structurally unemployed.
the lenders gain and the borrowers lose.
imports.
income plus government transfers minus taxes.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Which of the following is false about the circular-flow diagram?
Money flows from households to firms as households offer factors of production for sale.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
structurally unemployed.
the lenders gain and the borrowers lose.
imports.
income plus government transfers minus taxes.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Disposable income equals:
Money flows from households to firms as households offer factors of production for sale.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
structurally unemployed.
the lenders gain and the borrowers lose.
imports.
income plus government transfers minus taxes.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Purchases of foreign-produced goods and services during a period are classified as:
Money flows from households to firms as households offer factors of production for sale.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
structurally unemployed.
the lenders gain and the borrowers lose.
imports.
income plus government transfers minus taxes.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
Gross domestic product or GDP is:
Money flows from households to firms as households offer factors of production for sale.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
structurally unemployed.
the lenders gain and the borrowers lose.
imports.
income plus government transfers minus taxes.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
The simplest circular-flow model shows the interaction between households and firms. In this model:
Money flows from households to firms as households offer factors of production for sale.
firms supply goods and services to households, which, in turn, supply factors of production to firms.
structurally unemployed.
the lenders gain and the borrowers lose.
imports.
income plus government transfers minus taxes.
the total dollar value of final goods and services produced in the economy in a given time period.
frictionally unemployed.
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