Which of the following are flows in the circular flow model?
a. the flow of income earned by factors of production and the flow of expenditures on goods and services
b. the flow of goods and the flow of services
c. the flow of costs and the flow of revenue
d. the flow of income received by households and the flow of tax revenues paid by households
14. Which of the following statements about a simple circular flow model is true?
a. Producers are neither buyers nor sellers in the product market.
b. Households are sellers in the product market.
c. Producers are buyers in the factor market.
d. Households are neither buyers nor sellers in the factor market.
One Digital Camera
Wheat (per pound)
100 hours
4 hours
South Korea
60 hours
3 hours
15) The term “property rights” refers to
a. the ability to exercise control over one’s own resources within the confines of the law.
b. the government’s right to appropriate land from wealthy individuals to redistribute to low income families.
c. the physical possession of a house or any other property which the owner legally purchased.
d. the right of a business not to have its assets confiscated by the government in the event that the business is accused of committing fraud.

If a firm expects that the price of its product to be higher in the future than it is today
a. the firm has an incentive to decrease supply now and increase supply in the future.
b. the firm has an incentive to decrease quantity supplied now and increase quantity supplied in the future.
c. the firm will go out of business.
d. the firm has an incentive to increase supply now and decrease supply in the future.
Loose leaf Tea
Price per lb.
(dollars) Sunil’s
Quantity De-manded (lbs) Mia’s
Quantity De-manded (lbs) Rest of Market
Demanded (lbs) Market
Quantity de-manded (lbs)
$8 4 0 30
6 7 2 40
5 9 3 51
4 12 5 64
3 15 8 90

Don't use plagiarized sources. Get Your Custom Essay on
Just from $13/Page
Order Essay

18) Which of the following is the correct way to describe equilibrium in a market?
a. At equilibrium, demand equals supply.
b. At equilibrium, quantity demanded equals quantity supplied.
c. At equilibrium, scarcity is eliminated.
d. At equilibrium, market forces no longer apply.

The Quizlet
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Us

Exemplary Academic Writing Service

At, you are guaranteed of quality service from our professional writers. We maintain consistent communication with customers after placing an order to avoid missing anything that may compromise the quality of delivered work.

Top Writers

Our hiring process is rigorous to maintain the desired quality that has become the core of our business. We expose potential writers to an uncompromising selection process that enables TheQuizlet to pick the best out of the rest. TheQuizlet boasts of a competent team of writers, editors, and professors who work towards accomplishing your goals.

Plagiarism-Free Papers

TheQuizlet has an in-house plagiarism software that lowers the probability of delivering plagiarized papers to our clients. Referencing is guided by the format specified by a customer when placing an order. Our writers are conversant with all referencing formats that include APA, MLA, Chicago, Harvard, and Vancouver among others.

24/7 Customer Support

We understand the importance of effective communication and as such, TheQuizlet has a dedicated customer support department that responds to all client needs. You can easily contact our team through a chat window at the bottom left corner. Additionally, clients can reach us through support’s email or a telephone number available on our contact page. Feel free to contact us at any time and our team of experts will solve all your problems.

Swift Delivery and 100% Money-back Guarantee

When placing an order, ensure that you specify the correct deadline to help our writers work around the provided timeline. At TheQuizlet, we deliver our tasks before the projected deadline to give time for the customer to proofread the work before submission. In the event we cannot deliver a paper on time, we initiate contact with the client to renegotiate a new deadline.

Unlimited and Free Revisions

We urge all our customers to request for a revision whenever they identify a need to amend the paper. Since we understand your concerns, does not charge for revisions. Nonetheless, we encourage customers to be genuine when requesting for revisions.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

TheQuizlet is a one-stop shop for all your writing needs. We tackle each customer’s needs differently to improve the quality of outcomes and meet your expectations.


Academic Help Service

TheQuizlet is committed to delivering quality work on time to ensure our clients get the value for their money.


Admission Essays and Professional Writing

Admission essays are personal, as opposed to other papers. For this reason, our team will request for any information that will enable them to deliver quality work, which allows you to convince the admissions board on why you should be granted the application.


Editing and Proofreading

Our team comprises of qualified researchers, writers, and editors who go through the different papers before delivering them to our clients. Whether your paper is being written from scratch or you want it to be edited, you can trust TheQuizlet for all your needs.


Revision Support

After receiving the final draft, you can request for a revision to incorporate various changes that are aligned with your expectations. All our papers are written in line with the latest writing standards.