What Two Groups of Decision Makers Are Represented in the Basic

question 189

Multiple Choice

What two groups of decision makers are represented in the basic circular flow model?

• A) governments and financial institutions
• B) lenders and borrowers
• C) wholesalers and retailers
• D) bankers and regulators
• E) households and firms

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Definitions:

Public Values

Principles or standards regarded as important and beneficial by the general public or society at large.

New Public Management

A management philosophy used by governments since the 1980s to modernize and render public service more efficient by adopting private sector management practices.

Centralization

The concentration of control, authority, or decision-making power in a central group or location, often at the higher levels of an organization or government.

Privatization

The transfer of ownership of property or businesses from the government to private individuals or organizations.