In a Simple Circular Flow Model

question 145

Multiple Choice

In a simple circular flow model,

• A)households are suppliers of resources.
• B)firms are suppliers of final products.
• C)households are demanders of final products.
• D)firms are demanders of resources.
• E)all of the answers are true.

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Definitions:

European-Style

Referring to something, such as design, fashion, or cuisine, that is characteristic of or influenced by European traditions and cultures.

Gradual Emancipation

A legal process through which the emancipation of slaves was made to occur slowly over a period of time, rather than immediately.

Legislature Abolished

The disbandment or termination of a legislative body, which is an assembly with the authority to make, amend, and repeal laws.

Slavery

A socio-economic system in which individuals are owned by others, forced to work without pay, and considered legal property.