In the extended version of the circular flow model,
a. resources flow from the government to firms
b. taxes flow from foreign economies to the government
c. goods and services flow from households to foreign economies
d. resources flow from households to firms
e. resource payments flow from households to the government
D
Economics
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If the demand for a product is elastic, then a rise in price will:
a. cause total spending on the good to increase. b. cause total spending on the good to decrease. c. keep total spending the same, but reduce the quantity demanded. d. keep total spending the same, but increase the quantity demanded.
Economics
Questions that involve value judgments are
A. Positive questions. B. Normative questions. C. Not relevant to microeconomics. D. Objective.
Economics