A. households are on the buying side of both product and resource markets. B. businesses are on the selling side of both product and resource markets. C. households are on the selling side of the resource market and on the buying side of the
product market. D. businesses are on the buying side of the product market and on the selling side of the resource market.
A. capital goods and consumer goods.
B. free and controlled.
C. product and resource.
D. household and business.
Answer: C
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Which of the following is true of leakages and injections in the circular flow model? a. Leakages minus injections equal gross domestic product (GDP)
b. Injections minus leakages equal gross domestic product (GDP). c. Leakages minus injections equal zero in equilibrium. d. Leakages must be less than injections for an economy to be in equilibrium. e. Leakages must be greater than injections for an economy to be growing.
Barter can best be defined as:
a. the direct exchange of one good for money. b. the direct exchange of money for a good. c. the direct exchange of goods and services without the use of money. d. the direct exchange of labor services for wages. e. the payment of interest on a savings account.