In the Markets for Goods and Services in the Circular-Flow

question 31

Multiple Choice

In the markets for goods and services in the circular-flow diagram,

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

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Definitions:

Polygyny

A form of marriage in which one man is married to multiple women at the same time; it is the most common form of polygamy.

Bigamy

The act of marrying one person while still legally married to another, which is illegal in many jurisdictions.

Gay Marriage

The legal or socially recognized union of two people of the same sex.

Same Gender

Referring to individuals of the same sex or gender identity.