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econ 2301 Exam | 156 Questions with 100% Solutions/Verified Answers
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In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market. - ANSWER product; resource Which of the following is a positive statement? - ANSWER The temperature is 92 degrees today. Refer to the diagram. Flow 1 represents - ANSWER wage, rent, interest, and profit income.D The two basic markets shown by the simple circular flow model are - ANSWER product and resource. The four factors of production are - ANSWER land, labor, capital, and entrepreneurial ability. Households and businesses are - ANSWER sellers in the resource and product markets respectively.
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