Which of the following are represented by the same flow in the circular flow model?
A) the flow of costs and the flow of revenue
B) the flow of goods and the flow of factors of production
C) the flow of income earned from the sale of resources and the flow of expenditures on goods and services
D) the flow of income received by households and the flow of tax revenues paid by firms
A
You might also like to view...
The table above shows output and costs of Evan's Subs, a typical perfectly competitive firm in a local market for sandwiches. Evan's fixed cost is $9 per hour. The current market price of a sandwich is $6
If the market price does not change, Evan's will A) continue to operate in the short run, but will exit the industry in the long run. B) continue to operate in the short run and in the long run. C) shut down. D) increase its production in the long run.
In recent decades the United States has incurred overall balance of payments deficits
Indicate whether the statement is true or false
Money almost always serves as the standard unit for quoting prices. This is another way of saying money serves as a: a. medium of exchange. b. store of value
c. standard of value. d. commodity itself.
Why is the pricing outcome of a perfectly competitive firm efficient in economic sense?
What will be an ideal response?