Multiple Choice
In the simple circular flow model:
A) households are demanders of factors of production.
B) businesses are suppliers of final products.
C) households are suppliers of final products.
D) there are real flows of goods, services, and factors, but not money flows.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: In the factor market:<br>A)businesses borrow money capital
Q3: In a competitive market economy, firms and
Q4: Which statement is correct?<br>A)The operation of a
Q5: "Consumer sovereignty" refers to the:<br>A)fact that resource
Q6: The coordination problem in command economies became
Q7: If an increase occurs in the demand
Q8: Economic efficiency would be primarily discussed in
Q9: The "invisible hand" concept suggests that:<br>A)market failures
Q10: The "invisible hand" refers to the:<br>A)fact that
Q11: Which of the following best describes the