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
Q1: GDP is the sum of:
A) personal consumption,
Q3: The gross domestic product of a nation
Q4: Which of the following is an example
Q5: What is the difference between a flow
Q6: Let C = consumption, I = private
Q7: The value of goods and services purchased
Q8: Which of the following is counted as
Q9: Use the following to answer questions .
Exhibit:
Q10: All of the following items are a
Q11: The value of an economy's total output
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