The circular flow model assumes:
a. businesses and households own the factors of production.
b. businesses own the factors of production.
c. government owns the factors of production.
d. households own the factors of production.
e. firms, households, and the government own the factors of production.
d
Economics
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When spending and incomes in an economy increase,
A) imports are likely to increase. B) imports are likely to be unchanged. C) imports are likely to decrease. D) exports are likely to decrease.
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A sudden appreciation in the exchange rate of a country deteriorates the terms of trade of the country
a. True b. False Indicate whether the statement is true or false
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