Solved

Which of the Following Statements About the Circular-Flow Diagram Is

Question 73

Multiple Choice

Which of the following statements about the circular-flow diagram is correct?


A) One must imagine that the economy operates without money in order to make sense of the diagram.
B) The diagram leaves out details that are not essential for understanding the economic transactions that occur between households and firms.
C) In the diagram, households use the factors of production to produce goods and services.
D) All of the above are correct.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q69: Figure 2-2
Figure 2-2 </p></div><svg width=

Q70: Figure 2-2
Figure 2-2 </p></div><svg width=

Q71: Figure 2-2
Figure 2-2 </p></div><svg width=

Q72: Figure 2-2
Figure 2-2 </p></div><svg width=

Q72: Which markets are represented in the simple

Q74: Figure 2-1
Figure 2-1 </p></div><svg width=

Q75: Figure 2-1
Figure 2-1 </p></div><svg width=

Q77: Figure 2-2
Figure 2-2 </p></div><svg width=

Q78: Figure 2-2
Figure 2-2 </p></div><svg width=

Q108: Figure 2-1 Figure 2-1 </p></div><svg width=

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents