Which of the following is true about product markets?
A) Goods and services flow from households to firms.
B) Goods and services flow from firms to households.
C) Factors (land, labor, capital, and entrepreneurial ability) flow from households to firms.
D) Factors (land, labor, capital, and entrepreneurial ability) flow from firms to households.
Correct Answer:
Verified
Q1: The observation that goods and services flow
Q6: In the simple circular flow model
A) households
Q7: The simple circular flow of income shows
Q8: How do economists view profits?
A) Profits are
Q9: The value of total output and total
Q12: According to the circular flow, the dollar
Q15: Suppose an individual buys a new CD
Q16: In the product markets, households
A) are the
Q17: Profits represent
A) the income earned from a
Q18: One of the principles behind the concept
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