4/ 0 .d 54% 9:33 PM Figure 2 5. Refer to Figure 2. This economy can and cannot p

Question

4/ 0 .d 54% 9:33 PM Figure 2 5. Refer to Figure 2. This economy can and cannot produce at which point(s), respectively? a. Can :J, K, M, N, Cannot: L b. Can: K, M, N, Cannot: LJ c. Can: K, N, Cannot: L d. Can: K,N, Cannot: LJ.M 6. In the circular-flow diagram, which of the following items flows from firms to households through the markets for the factors of production? a. goods and services b. land, labor, and capital c. dollars spent on goods and services d. wages, rent, and profit 7 In the circular-flow diagram, a. firms own the factors of production. b. households produce goods and services. c. the factors of production are also called "input d. All of the above are correct Figure 3

Explanation / Answer

5) The correct answer is b

Explanation:- On the production possibility curve, it is always possible to produce points within the curve and all output combinations represented by points outside the curve are unattainable.

6) The correct answer is d

Explanation:-  The circular flow diagram is a visual model of the economy that shows how dollars flow through markets among households and firms.

7) The correct answer is C

Explanation : - The inputs are called the factors of productions. These inputs are land, labor , capital etc.

Related Questions

Navigate

• Browse (All)
• Browse 4
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.