11:59 " Test IV. Circular Flow Model Choose the best answer for each item. This is received by the * 2 points Business Firms in exchange of providing the goods and services to the household. Costs O Salaries/Wages O Revenue O Entrepreneurial ability In a resource market.. 2 points Households sell resources and business firms buy resources Households buy resources and business firms sell resources Both household and business firms sell resources to so None of the above Payment of the Business * 2 points Sector to the Resource Market in exchange of using he Economic Resources such as Land, Labor, Capital and Entrepreneurial Ability Costs Salaries/Wages O Revenue Entrepreneurial ability What is the payment to the * 2 points household sector in exchange of the provision of economic resources for the business sector? O Salaries/wages Interest O Rent Money Income/ Profit All of these The payment of households for 2 points the goods and services is O Resource payments Revenue O Costs O Consumption expenditure None of the above This is where households are * 2 points buyers and business firms are sellers O Resource Market O Product Market Labor Market Factor Market This is where households are * 2 points sellers and business firms are buyers O Resource Market O Product Market O Export Market O Domestic Market if the resource market is at * 2 points the top and the product market at the bottom, and household and business firms are at the right and left side respectively, then the resource and product flow is in a/an Counter clockwise direction O Clockwise direction O Upward direction O Downward direction If the resource market is at * 2 points the top and the product market at the bottom, and household and business firms are at the right and left side respectively, then the payment flow will be in a/an O Counter clockwise direction O Clockwise direction O Upward direction O Downward direction This is where the goods and * 2 points services bought and consumed by the household sector comes from Resource Market O Product Market O Labor Market O Export Market Page 5 of 6 Back Next Clear form