Question 41 / 1 pointIn the ______________, households receive goods and services and pay firms for them.a)goods and services marketb)financial capital marketc)labor marketd)savings market Show Chapter 1_SpecializationQuestion 51 / 1 pointSpecialization: Get answer to your question and much more Chapter 1 _The circular flow diagramQuestion 61 / 1 pointIn the circular flow diagram model: We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Exploring Microeconomics Sexton Expert Verified 9/12/2015Quiz Submissions Homework #1 ECON 203 6383 Principles of Microeconomics (2158) UMUC Learning Management System Get answer to your question and much more 4/10Chapter 2_scarcityQuestion 81 / 1 pointScarcity implies that: Chapter 2 _positive statements_ppfQuestion 71 / 1 pointAttending college is a case where the ________________ exceeds the monetary cost. Get answer to your question and much more 9/12/2015Quiz Submissions Homework #1 ECON 203 6383 Principles of Microeconomics (2158) UMUC Learning Management Systema)consumers would be willing to purchase the same quantity of a good at a higher price.b)consumers are too poor to afford the goods and services available.c)at the current market price, consumers are willing to purchase more of a good than suppliers are willing to produce.d)it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available. 5/10Chapter 2 _opportunity costs Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 10 pages? Upload your study docs or become a Course Hero member to access this document Chapter 1 QuizIn the ____________, households work and receive payment from firms Get answer to your question and much more If macroeconomics looks at the economy as a whole, it focuses on which of the following? Get answer to your question and much more Which of the following is most likely a topic of discussion in macroeconomics? Get answer to your question and much more In a _______________________, most economic decisions about what to produce, how toproduce it, and for whom to produce it are made by buyers and sellers. Get answer to your question and much more The two main tools of macroeconomic policy include monetary policy, and fiscal policy, whichinvolves __________ spending. Get answer to your question and much more In a discussion of economics, which of the following would exert the most influence on anindividual firm's decision to hire workers? Get answer to your question and much more Which of the following is generally accepted as a valid criticism of the production of usefulgoods and services? Get answer to your question and much more In what market households receive goods and services and pay firms for them?The circular flow diagram shows how households and firms interact in the market for goods and services and in the labor market. In the goods and services market, households receive goods and services and pay firms for them. In the labor market, households provide labor and receive payment from firms through wages.
In what market are households able to sell resources to firms in?Households, in the Resource Market (factor market), are the owners of the productive resources (factors of production) in the circular flow model. They sell their land, labor, capital, and entrepreneurship to businesses (firms) in the Resources Market in exchange for income payments.
Are households the primary demanders of goods and services?Households are the primary demanders of goods and services. B. Firms are the primary suppliers of goods and services.
What is an example of government activity in the circular flow model?In a three-sector circular flow diagram, government is a buyer (demand) in both the product and resource markets. Government provides public goods, public services, and transfer payments to households and firms in exchange for tax payments.
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In the ______________, households receive goods and services and pay firms for them
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