hi can you explain to me which ones are correct? thank you 9. Which of the follo

ID: 1178754 • Letter: H

Question

hi can you explain to me which ones are correct? thank you

9. Which of the following is a key relationship of the circular flow model?

a) The members of the household are related to the owners of the firm

b) Goods and labor are related

c) Everyone has their price

d) Each transaction involves an exchange of a good or labor for money

10. In economics, a positive statement is:

a) A descriptive statement

b) A prescriptive statement

c) A statement that improves the situation

d) A statement that is not negative

11. In economics, a normative statement is:

a) A descriptive statement

b) A prescriptive statement

c) A statement that improves the situation

d) A statement that is not negative

12. A demand and supply diagram includes curves that examine the relationship between

which of the following:

a) demand and supply

b) price and quantity

c) equilibrium and disequilibrium

d) excess demand and excess supply

13. A

Each transaction involves an exchange of a good or labor for money

A statement that improves the situation

price and quantity

Upward sloping

Downward sloping

There is a shift to the left of the demand curve for oranges

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