In the circular flow model, for every flow of goods, services, and<br/>resources there is a counter-flow of’ ( ) A: more goods, services, and resources. B: people from firms to households. C: people from households to firms. D: money.
In the circular flow model, for every flow of goods, services, and<br/>resources there is a counter-flow of’ ( ) A: more goods, services, and resources. B: people from firms to households. C: people from households to firms. D: money.
2. In a simple circular-flow diagram, ( ) A: households spend all of their income. B: all goods and services are bought by households. C: expenditures flow through the markets for goods and services, while income flows through the markets for the factors of production. D: All of the above are correct.
2. In a simple circular-flow diagram, ( ) A: households spend all of their income. B: all goods and services are bought by households. C: expenditures flow through the markets for goods and services, while income flows through the markets for the factors of production. D: All of the above are correct.
The symmetry principle is the requirement that: A: people in similar situations be treated similarly. B: Society's income be distributed symmetrically among its members. C: the poorest 20 percent of households should receive the same total income as the richest 10 percent of households. D: the average person be made as well off as possible.
The symmetry principle is the requirement that: A: people in similar situations be treated similarly. B: Society's income be distributed symmetrically among its members. C: the poorest 20 percent of households should receive the same total income as the richest 10 percent of households. D: the average person be made as well off as possible.
The circular-flow diagram illustrates that, in markets for the factors of production, ( ) A: households are sellers, and firms are buyers. B: households are buyers, and firms are sellers. C: households and firms are both buyers. D: households and firms are both sellers.
The circular-flow diagram illustrates that, in markets for the factors of production, ( ) A: households are sellers, and firms are buyers. B: households are buyers, and firms are sellers. C: households and firms are both buyers. D: households and firms are both sellers.
In the simple circular-flow diagram, the participants in the economy are A: firms and government. B: households and firms. C: households and government. D: households, firms, and government.
In the simple circular-flow diagram, the participants in the economy are A: firms and government. B: households and firms. C: households and government. D: households, firms, and government.
In the simple circular-flow diagram, A: households own the factors of production. B: households buy all the goods and services that firms produce. C: land, labor, and capital flow from households to firms. D: All of the above are correct.
In the simple circular-flow diagram, A: households own the factors of production. B: households buy all the goods and services that firms produce. C: land, labor, and capital flow from households to firms. D: All of the above are correct.
18) According to the circular flow model A: . in the market for goods and services, households are buyers and firms are sellers. B: . the market for goods and services, households are sellers and firms are buyers. C: . in the market for factors of production, households are buyers and firms are sellers. D: . firms are the owners of the factors of production.
18) According to the circular flow model A: . in the market for goods and services, households are buyers and firms are sellers. B: . the market for goods and services, households are sellers and firms are buyers. C: . in the market for factors of production, households are buyers and firms are sellers. D: . firms are the owners of the factors of production.
In the circular-flow diagram, which of the following items represents a payment of a factor of production? A: Interest B: Spending by households on service C: Spending by households on goods D: capital
In the circular-flow diagram, which of the following items represents a payment of a factor of production? A: Interest B: Spending by households on service C: Spending by households on goods D: capital
An important feature of contemporary society is the social ______ of creating and maintaining independent households. (desirable) desirability
An important feature of contemporary society is the social ______ of creating and maintaining independent households. (desirable) desirability
Capital income does not include income paid to households for the use of their capital
Capital income does not include income paid to households for the use of their capital