In the Simplest Circular-Flow Model,households Supply _____ and Demand _____

question 4

Multiple Choice

In the simplest circular-flow model,households supply _____ and demand _____.

• A)capital;barter
• B)wages and income;capital markets
• C)factors of production;goods and services
• D)firms;markets

Understand the steps in the process for allocating support department costs to production departments.

Identify and categorize costs associated with specific departments and activities.

Understand the chain of activities in activity-based costing (ABC).

Understand the fundamentals and assumptions of the single plantwide factory overhead rate method.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.