Multiple Choice
Which of the following is NOT true of the circular model of the economy?
A) Personal consumption spending flows from households to firms.
B) The production of goods and services generates income for households.
C) Consumers finance their personal consumption spending by supplying factors of production to firms.
D) Payments to factors of production flows from households to firms.
Correct Answer:
Verified
Correct Answer:
Verified
Q19: When would an economist focus on GNP
Q20: The total volume of sales in an
Q21: A Japanese worker, working in the U.S.,
Q22: Use the following to answer questions .<br>Exhibit:
Q23: Government expenditure is the largest single category
Q25: Which of the following is an advantage
Q26: Goods and services produced and but not
Q27: Which of the following is included in
Q28: The cost of producing goods and services
Q29: GDP is the total market value of