In the Circular Flow Diagram, Firms Receive Revenue from the _____

question 50

Multiple Choice

In the circular flow diagram, firms receive revenue from the _____ market, which is used to purchase inputs in the _____ market.

• A) goods; financial
• B) factor; financial
• C) goods; factor
• D) factor; goods

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Definitions:

Implicit Prejudice

Unconscious or automatic negative evaluations or beliefs about a group or its members.

Explicit Prejudice

Openly expressed negative attitudes or beliefs toward a group or its members based on their perceived characteristics.

Group Polarization

The phenomenon where discussions within a group lead to the adoption of more extreme positions or attitudes than the initial inclinations of its members.

Groupthink

A psychological phenomenon that occurs within a group of people when the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.