In the Markets for the Factors of Production in the Circular-Flow

question 160

Multiple Choice

In the markets for the factors of production in the circular-flow diagram,

• A)households are sellers and firms are buyers.
• B)households are buyers and firms are sellers.
• C)households and firms are both buyers.
• D)households and firms are both sellers.

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Definitions:

Conflicts With The Indians

Refers to the numerous wars and skirmishes between European settlers and Native American tribes following European colonization of the Americas.

Cities

Urban areas with significant populations where there is a high concentration of buildings, infrastructure, and economic activities.

British North America

Consists of the British Empire's colonial territories in North America before the formation of the United States and the later establishment of the Dominion of Canada.

Mid-Eighteenth Century

Pertains to the period approximately between 1730 and 1769, marked by significant developments in politics, culture, and economic structures worldwide.