Putting quarters into a Las Vegas slot machine and receiving quarters out of that machine is analogous to the circular flow model because
a. the value of the resources flowing into firms is precisely the value of the goods and services flowing out of firms
b. the value of the components of national income flowing into the firms is precisely the value of consumption and investment flowing out of the firms
c. the absolute dollar amount of the production goods going out from the firms equals the absolute dollar amount of the consumption goods that households consume
d. households gamble
e. you can then substitute the casino economy for the get-rich-quick schemes that are all too prevalent in the economy today
A
You might also like to view...
Automated teller machines
A) are more costly to use than human tellers, so banks discourage their use by charging more for use of ATMs. B) cost about the same to use as human tellers in banks, so banks discourage their use by charging more for use of ATMs. C) cost less than human tellers, so banks may encourage their use by charging less for using ATMs. D) cost nothing to use, so banks provide their services free of charge.
If the demand for the finished good is elastic, the demand for the resources used to produce that good will be inelastic
Indicate whether the statement is true or false