With Reference to the Circular Flow of Income,how Is the Allocation

question 17

Multiple Choice

With reference to the circular flow of income,how is the allocation of resources largely decided?

• A)by central authorities only
• B)by central authorities and firms only
• C)by firms and households acting independently
• D)by political parties and firms only
• E)by individuals only

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Definitions:

Otto II and Theophanu

A royal couple of the Holy Roman Empire in the late 10th century, noted for their reign that played a significant role in the politics and culture of medieval Europe.

Pen-And-Ink Drawings

Artworks created using pens with ink on paper, characterized by their precision, detail, and often black and white presentation.

Late Antiquity

A historical period from approximately the 3rd to the 8th century, marking the transition from Classical Antiquity to the Middle Ages in Europe and the Mediterranean.

Utrecht Psalter

A highly important and influential illustrated manuscript produced in the Carolingian Empire around the 9th century, known for its unique pen drawings illustrating Psalms.