1. In a circular flow model, households: Sell factors to production in return fo

Question

1. In a circular flow model, households:
Sell factors to production in return for wages, rents, and profits
Sell goods and services in return for wages and other payments
Spend on goods and services in return for revenues
Buy factors of production in return for goods and services

2. Which type of graph would best represent a graph of supply and demand?
A pie chart
A bar graph
A graph showing the x and y axis represented by quantity and price
A time-series graph

3. Some amount of one good must be given up to gain more of another good. This statement is a result of:
Unlimited wants
Efficiency
Scarcity
Equity

Explanation / Answer

1 A 2 C 3 B

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