Among Economic Models,the Circular-Flow Diagram Is Unusual in That It

question 96

Multiple Choice

Among economic models,the circular-flow diagram is unusual in that it

• A)drastically simplifies the real world.
• B)features more than one type of market.
• C)features flows of dollars.
• D)does not involve mathematics.

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Definitions:

Nonoccurrence

The failure or absence of an event or condition that was anticipated or required.

Event

A specific occurrence or happening, often of significance, that takes place at a particular time.

Agreement

A mutual understanding or arrangement between two or more parties outlining terms and conditions for a specific purpose.

Payee

The party in a financial transaction who receives payment.