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 on the economy
D) a visual model of the relationship among money, prices, and businesses
Correct Answer:
Verified
Q23: What does a circular-flow diagram do?
A)It illustrates
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
Q29: What is an example of a product
Q31: What are the foundation stones from which
Q32: What happens when scientists make good assumptions?
A)They
Q33: When studying the effects of public policy
Q36: What do good economic models do?
A) They
Q38: What is a model?
A) a theoretical abstraction
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