What is a circular-flow diagram?
A) a visual model of how the economy is organized
B) a mathematical model of how the economy works
C) a model that shows the effects of government and the central bank on the economy
D) a visual model of the relationship between money, prices, and businesses
Correct Answer:
Verified
Q23: What can good assumptions do?
A) cause economists
Q24: What is NOT a common characteristic of
Q25: Which statement does NOT illustrate a characteristic
Q26: How does a scientist make assumptions?
A) A
Q27: What happens when scientists make good assumptions?
A)
Q29: Which statement best describes economic models?
A) They
Q30: What does a circular-flow diagram do?
A) It
Q31: What makes a model compelling?
A) its application
B)
Q32: In the simple circular-flow diagram, who are
Q33: What are the foundation stones from which
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