umuc econ201 quiz 1 latest 2015 december 31st

Jul 3rd, 2016
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Question Chapter 1 Random Question 1 1 / 1 point The circular flow diagram of economic activity is a model of the: a) flow of goods, services, and payments between households and firms. b) role of unions and government in the economy. c) interaction among taxes, prices, and profits. d) influence of government on business behaviour. Chapter 1 random definitions Question 2 1 / 1 point Which of the following best characterizes the circular flow of income? a) Businesses buy resources from the government, and households buy goods and services from businesses. b) Households buy factors of production from businesses, and businesses buy goods and services from households. c) The government purchases resources from businesses and households and then sells goods and services to businesses and households. d) Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses. Question 3 1 / 1 point In a marke

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