An illustration of the continuous flow of goods, services, inputs, and payments between firms and households is known as the ______.
a. capital flow chart
b. simple circular flow model
c. circular service cycle
d. chain of payments
b. simple circular flow model
You might also like to view...
The above table has data from the nation of Media. Based on these data, the marginal propensity to consume is
A) 0.67. B) 0.25. C) 1.33. D) 1.50. E) 0.75.
The output level for a perfect price discriminator is found where
a. MR = ATC b. MC = P c. MR = P d. TR = TC e. AR = ATC
The law of increasing relative costs, depicted by the concavity of the production opportunities frontier, is most closely related to the
a. downward slope of the demand curve. b. upward slope of the demand curve. c. downward slope of the supply curve. d. upward slope of the supply curve.
Which of the following would likely result in an increase in the demand for beef?
A. A decrease in the price of pork B. An increase in the price of feed grains for cattle C. An increase in family incomes D. A decrease in the supply of beef