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 traffic in an economic region.
D) It explains how banks circulate money in the economy.
Correct Answer:
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Q18: What would be the best statement about
Q19: If an economist develops a theory about
Q19: Where do the most common data for
Q21: Which is true about models used by
Q22: Why do economists use models?
A)to learn how
Q25: Which of the following is NOT true
Q26: Which of the following is the most
Q27: In the simple circular-flow diagram, who are
Q28: What is a circular-flow diagram?
A)a visual model
Q38: What is a model?
A) a theoretical abstraction
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