In a Circular-Flow Diagram, Which Flows Are Involved

question 216

Multiple Choice

In a circular-flow diagram, which flows are involved?

• A) Taxes flow from households to firms, and transfer payments flow from firms to households.
• B) Income payments flow from firms to households, and sales revenue flows from households to firms.
• C) Resources flow from firms to households, and goods and services flow from households to firms.
• D) Inputs and outputs flow in the same direction as the flow of dollars, from firms to households.

Understand the changing landscape of labor movements regarding membership and the influence of big business.

Understand key historical strikes and their impact on the labor movement.

Comprehend the role and activities of the AFL in shaping labor standards and union activities.

Recognize the different models of unionism and their foundational principles.

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Definitions:

Overhead Costs

Indirect costs not directly traceable to a specific product or service, including utilities, rent, and managerial salaries.

Activity Rate

An activity rate is the cost driver rate used in activity-based costing to allocate overhead costs to products or services.

Activity-based Costing

An accounting method that assigns costs to products or services based on the activities and resources that go into their production, providing more accurate cost information.

Resource Consumption

The use of resources (such as raw materials, energy, or labor) by a process, project, or activity, typically measured to manage efficiency and costs.