Which of the following statements is true?

a

In the past, thecommand systemwas used in countries such as the Soviet Union and China, and in countries in Eastern Europe.

b

The (simple) circular flow model shows the flows of resources, goods, services, and payments between households, firms and the government.

c

Themoney flowconsists of resources flowing from households to firms, which use them in the production of goods, which in turn flow from firms to households. The real flow facilitates the exchange of goods and services in the market.

d

All of the above.

e

Only a) and b)