1. The market for automobiles to be used by households is more correctly called an input or resource market than an output or product market.
Group of answer choices
True
False
2. Of and by themselves, imports tend to depress economic activity to lower levels because production (and the income received for the productive resources) occurs outside of the home country.
Group of answer choices
True
False
3. The transformation of productive resources such as labor and capital into useful goods and services at the firm is more correctly called production than consumption.
Group of answer choices
True
False