Question
1. Which of these terms are used interchangeably? (wrong answer A) a.goods and services and inputs b.goods and services and factors of production c.inputs and
1.Which of these terms are used interchangeably?(wrong answer A)
a."goods and services" and "inputs"
b."goods and services" and "factors of production"
c."inputs" and "factors of production"
d."land, labor, and capital" and "goods and services"
2.Circular Flow Diagram Model(wrong answer C)
a. incorporates two types of decision makers: households and firms.
b. Does not represent the flows of inputs, outputs, and dollars.
c. All of the above are correct.
d. is not an economic model.
3.In the circular-flow diagram,(wrong answer D)
a.firms own the factors of production.
b.the factors of production are labor, land, and capital.
c.the factors of production are also called "output."
d.All of the above are correct.
4.In the circular-flow diagram, firms produce(wrong answer A)
a.goods and services using factors of production.
b.output using inputs.
c.factors of production using goods and services.
d.Both (a) and (b) are correct.
Please help me find the right answers for these questions.
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