liemae

If there are two goods with positive prices and the price of one good is reduced, while income and other prices remain constant, then the size of the budget set is reduced.

• True

• False

Which point on the curve is an efficient use of resources?

• F

• D

• E

• A

Which point on the curve is an efficient use of resources?

• F

• D

• E

• A

According to the chart, what do household exchange in the Product market for finished products?

• Consumption Expenditures

• Cost

• Goods and services

• Productive Resources

According to the chart above, what do businesses receive from the factor market?

• Goods and Services

• Finished Goods

• Income

• Factors of Production

According to the chart, what do businesses do with the productive resources they purchase?

• make finished goods and services and sell them in the product market

• make finished goods and services and sell them in the factor market

• make productive resources and sell them in the product market

• use them to gain a tax credit with the government

According to the chart, what do businesses do with the productive resources they purchase?

• make finished goods and services and sell them in the product market

• make finished goods and services and sell them in the factor market

• make productive resources and sell them in the product market

• use them to gain a tax credit with the government

According to the chart, who makes income?

• Businesses

• Factor Markets

• Product Markets

• Households

According to the chart, how do households and businesses interact in the factor market?

• Households sell finished goods and services to businesses for money

• Households sell productive resources to businesses in exchange for income

• Households sell productive resources to businesses in exchange for expenses

• Households purchase finished goods from businesses in exchange for cost

According to the chart above, how do businesses and households interact in the product market?

• Businesses sell productive resources to house holds for income

• Businesses sell finished goods and services to the households for the factors of production

• Households purchase finished goods and services from the business for money that becomes is revenue for the businesses

• Households barter with businesses in exchange for a job to work.