In the simple circular flow model containing just households and business firms, all income is received by households in exchange for
A) consumer expenditures.
B) wages.
C) labor services.
D) product.
C
Economics
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The colonial region with the smallest deficit with the United Kingdom between 1768–1772 was
(a) New England (b) the Middle Colonies (c) the Southern Colonies (d) the New England and Middle Colonies
Economics
The graph below represents the market for a product where D1 and S1 show the initial supply and demand curves, and supply shifts to S2 due to a sales tax. The deadweight loss due to the tax is represented by area:
A. EIG
B. EFI
C. BCEF
D. ABFG
Economics