1. Which statement is true about the circular flow diagram?

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Presentation transcript:

1. Which statement is true about the circular flow diagram? A Households are demanders in the product market and suppliers in the factor market B Business are demanders in the product market and suppliers in the factor market. C Households are demanders in the factor market and suppliers in the product market. D Businesses and households are not components of the circular flow diagram.

2. The SOLID arrows on this circular flow diagram represent the flow of A goods and services. B money. C taxes. D imports and exports.

3. The DASHED arrows on this circular flow diagram represent the flow of A goods and services. B money. C taxes. D imports and exports.