Refer to the Circular Flow Model of the Economy

question 12

Multiple Choice

Refer to the circular flow model of the economy.In the diagram flow (4) represents:

• A)wage, rent, interest, and profit income.
• B)land, labour, capital, and entrepreneurial ability.
• C)goods and services.
• D)consumer expenditures.

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Definitions:

Rural South

Region in the southern United States characterized by predominantly agricultural economies and communities, often contrasted with the urban North.

New South

A term referring to the economic shift in the southern United States from an agrarian economy to one more industrialized and integrated into the national economy after the Civil War.

Phonograph

An early sound-reproducing machine that played records by tracing a stylus over a rotating cylinder or disc, invented by Thomas Edison in 1877.

Jazz

A music genre that originated in the African-American communities of New Orleans in the late 19th and early 20th centuries, characterized by syncopated rhythms and improvisation.