In the Simple Circular-Flow Diagram, with Households and Firms, GDP

question 210

Multiple Choice

In the simple circular-flow diagram, with households and firms, GDP can be computed as the

• A)income received by households, in the form of wages, rent and profit.
• B)income received by households in the form of wages.
• C)payments made by firms for labor.
• D)profits received by households.

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Definitions:

IQ

Intelligence Quotient, a numerical measure of a person's relative intelligence determined through various standardized tests.

Canalized Trait

A characteristic that is genetically determined to a high degree, showing little variation in the population due to environmental influences.

Genetic-Environment Correlation

The concept that an individual's genes influence their environment, and their environment affects the expression of their genes.

Environmental Influence

The effect of surroundings, including physical, social, and cultural factors, on individuals' development, behavior, and wellbeing.