The Circular-Flow Diagram Illustrates

question 179

Multiple Choice

The circular-flow diagram illustrates:

• A) the minimum wage state by state.
• B) fluctuations in exchange rates.
• C) changes in worker productivity.
• D) the key concepts in the national accounts.

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Definitions:

Oral Contracts

Agreements between parties that are made verbally and not memorialized in writing, yet are still legally binding in many cases.

Reformation

A court-ordered correction of a written contract so that it reflects the true intentions of the parties.

Erroneous Legal Description

A mistake or inaccuracy in the written account of the boundaries or details of a property in legal documents.

Sale of Land

The transfer of ownership of a parcel of real estate from one party to another, typically through a legal process.