What does a circular-flow diagram do?
A) It illustrates cost-benefit analysis.
B) It explains how the economy is organized.
C) It shows the flow of trade in the world.
D) It explains how banks circulate money in the economy.
Correct Answer:
Verified
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)
Q28: What is a circular-flow diagram?
A) a visual
Q29: Which statement best describes economic models?
A) They
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
Q34: What are factors of production?
A) positive or
Q35: Which statement best describes economic models?
A) Economic
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