Refer to the diagram. Flow 4 represents:
A. wage, rent, interest, and profit income.
B. land, labor, capital, and entrepreneurial ability.
C. goods and services.
D. consumer expenditures.
D. consumer expenditures.
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Assume the United States and Canada have the same amount of resources. In a given time period, the United States can produce 3 tons of steel or 300 tons of wheat. Canada can produce 4 tons of steel or 400 tons of wheat. This means that
A. The United States has a comparative advantage in steel. B. Canada has an absolute advantage in both steel and wheat. C. Canada has a comparative advantage in steel. D. The United States has an absolute advantage in steel.
The Sherman Act of 1890:
A. made it illegal to engage in practices that resulted in restraint of trade. B. outlawed tying contracts. C. outlawed stock-purchase mergers that would substantially reduce competition. D. prohibited selling products at "unreasonably low prices" with the intent of reducing competition.