The simplest circular-flow model shows the interaction between households and firms. In this model:

Which of the following is false about the circular-flow diagram?

Disposable income equals:

Gross domestic product or GDP is:

Purchases of foreign-produced goods and services during a period are classified as:

If the actual inflation rate is less than the expected inflation rate, then:

Which of the following equations describes the calculation of the natural unemployment rate?

If a worker becomes unemployed due to an increase in the minimum wage, that worker is:

Last month Brent lost his job at the auto parts factory because his factory, like many others, relocated to Asia. Brent continues to look for similar factory jobs in his town, but has found no openings. Brent is best classified as:

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:

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