-Refer to the Circular Flow Model of the Economy

question 3

Multiple Choice

-Refer to the circular flow model of the economy.In the diagram flow (3) represents:

• A) wage,rent,interest,and profit income.
• B) land,labour,capital,and entrepreneurial ability.
• C) goods and services.
• D) consumer expenditures.

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Definitions:

Experiments

Controlled tests or investigations conducted to discover or test a hypothesis.

Subjective Evaluation

An assessment based on personal opinions, feelings, or tastes, rather than external facts or criteria.

Signal-Detection Theory

A means to quantify the ability to discern between information-bearing patterns and random patterns that distract from the information.

Perceptual Ability

The capacity to interpret and make sense of information gathered through the senses.