With Reference to the Circular Flow of Income,how Is the Allocation

question 17

Multiple Choice

With reference to the circular flow of income,how is the allocation of resources largely decided?

• A)by central authorities only
• B)by central authorities and firms only
• C)by firms and households acting independently
• D)by political parties and firms only
• E)by individuals only

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Definitions:

Loyalists' Exile

Loyalists' Exile denotes the period following the American Revolution where individuals loyal to the British crown, known as Loyalists, were forced to flee the newly independent United States, many resettling in Canada, Britain, or the British Caribbean.

Loyalist Exiles

Individuals who were loyal to the British Crown during the American Revolutionary War and who fled to other territories as a result of their allegiance.

Free Americans

Individuals in the United States who enjoy the freedoms and rights guaranteed by the Constitution and laws, without being subjected to slavery or involuntary servitude.

Loyal

Exhibiting strong allegiance or fidelity to a person, cause, or organization.