In the Circular Flow Model,which of the Following Owns the Factors

question 67

Multiple Choice

In the circular flow model,which of the following owns the factors of production?

• A)Firms,households and all levels of government
• B)Both firms and households
• C)Only firms
• D)Only federal,state and local governments
• E)Only households

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Definitions:

Partnership

A business structure where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed.

Legal Status

The standing of an entity or individual under the law, determining their rights, responsibilities, and liabilities.

Volunteer Work

involves performing tasks or providing services for the benefit of others or the community, without financial compensation.

Partnership Property

Assets co-owned by partners in a business partnership, where each partner has an interest in these assets in relation to their investment or agreement.