Multiple Choice
In the simple circular-flow diagram,who buys the factors of production?
A) households only
B) firms only
C) both households and firms
D) neither households nor firms
Correct Answer:

Verified
Correct Answer:
Verified
Q5: Figure 2-11 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 2-11
Q6: Figure 2-5 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 2-5
Q7: Figure 2-6 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 2-6
Q8: Economists make assumptions to<br>A)mimic the methodologies employed
Q9: Any point on a country's production possibilities
Q11: Which types of models are built with
Q12: Just like models constructed in other areas
Q13: When studying the effects of public policy
Q14: The production possibilities frontier is used to
Q15: Figure 2-10<br><img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 2-10