An economic system's factors of production:
A) are ultimately owned by private households and provide the source of household income.
B) are used to produce goods and services.
C) include labour, buildings, machines, and land.
D) all the above.
Correct Answer:
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Q19: An economic system's factors of production consist
Q20: In a simple circular flow model of
Q21: The circular flow without taxation, government spending
Q22: The simple circular flow model shows that:
A)
Q23: In the circular flow model, the factors
Q25: Your full-time accountant retires, so you hire
Q26: When hiring the factors of production to
Q27: In the absence of government and foreign
Q28: All the following statements are correct except:
A)
Q29: Double counting can be avoided when computing
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