Figure 2-2 -Refer to Figure 2-2.If the Flow of Goods and Services

question 249

Multiple Choice

Figure 2-2
-Refer to Figure 2-2.If the flow of goods and services is part of what is represented by the inner loop of this circular-flow diagram,then

• A)the flow of factors of production is also part of what is represented by the inner loop.
• B)the flow of income paid to households is also part of what is represented by the inner loop.
• C)the flow of revenue to firms is also part of what is represented by the inner loop.
• D)households must be sellers of output.

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Definitions:

John Holland's Theory

A theory of career and vocational choice based upon personality types, suggesting that people are more satisfied in environments matching their personal inclinations.

Occupational Choice

The process of selecting a profession or career path based on an individual's interests, values, and the perceived rewards of the occupation.

Investigative Occupation

Careers that focus on research, analysis, and problem-solving, often requiring a high level of education and specialized knowledge.

Economist

a professional focused on the study of economics, which involves analyzing the production, distribution, and consumption of goods and services.