Suppose an individual buys a new CD of her favorite musical artist. This purchase has taken place in the
A) product markets.
B) factor markets.
C) labor markets.
D) resource markets.
Correct Answer:
Verified
Q6: In the simple circular flow model
A) households
Q7: The simple circular flow of income shows
Q10: Which of the following is true about
Q12: According to the circular flow, the dollar
Q14: Economists consider profit to be
A) a cost
Q15: Which of the following statements is FALSE?
A)
Q18: One of the principles behind the concept
Q19: According to the circular flow, the value
Q20: In the factor market, households
A) sell resources.
B)
Q20: Which of the following would most likely
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