In the Simple Circular Flow Model

question 111

Multiple Choice

In the simple circular flow model,

• A)households are buyers of resources.
• B)businesses are sellers of final products.
• C)households are sellers of final products.
• D)there are real flows of goods, services, and resources, but not money flows.

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Definitions:

Prohibited

Prohibited means officially forbidden or disallowed by law, rule, or other authority.

Void

A term describing a contract or legal agreement that is null, having no legal force or effect from the beginning.

Minor

A person under the age of legal majority, typically 18 years in most jurisdictions, who has certain restrictions on their legal capacities and responsibilities.

Voidable

Describes a contract or agreement that can be legally declared invalid but remains enforceable until an action is taken to void it.