In the simple circular flow model containing just households and business firms,all income is received by households in exchange for
A) consumer expenditures.
B) wages.
C) labor services.
D) product.
Correct Answer:
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Q13: Figure 2-2 Q14: The circular flow of income describes the Q15: From the last five recessions,the mildest two Q16: The condition in circular-flow models whereby firms Q17: "Net exports" is defined as Q19: With positive net exports,a nation is a Q20: Changes in business inventories Q21: A family purchases a package of sandwich Q22: Which of the following would be included Q23: It is important to distinguish investment expenditures
A)flow
A)GDP minus imports.
B)exports
A)are included in gross
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