In the circular-flow diagram, which of the following items flows from households to firms through the markets for goods and services?
a. goods and services
b. dollars paid to land, labor, and capital
c. dollars spent on goods and services
d. wages, rent, and profit
c
Economics
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In an English auction, the winner pays a price equal to ________
A) the value of the highest bid B) the value of the lowest bid C) his value for the good D) the value of the second-highest bid
Economics
One way tariffs differ from quotas is that
A) tariffs produce revenues for the importing country's government. B) quotas produce revenues for the exporting country's government. C) tariffs produce no revenues but set limits on the imported items. D) tariffs are applied only on raw materials.
Economics