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Question 1 In the goods market of the circular flow model, …. 1) firms buy factors of production from consumers 2) firms buy finished products from households 3) consumers buy factors of production from firms 4) firms sell factors of production to the government 5) consumers buy finished products from firms The correct alternative is [5]. Explanation In the goods market of the circular flow model, consumers receive income in the form of salaries and wages, interest, rent and profit ...

The correct alternative is [5]. Explanation: In the goods market of the circular flow model, consumers receive income in the form of salaries and wages, interest, rent and profit and use this income to purchase finished consumer goods and services. Question 2 The correct alternative is [4]. Explanation A factor market is a market where factors of production such as labour, land and capital are traded. Therefore, in this case only the sale of land (i.e. farmland) will occur in a factor ma...

ECS1601 TEST BANK REAL EXAM QUESTIONS AND VERIFIED ANSWERS WITH EXPLANTIONS 2024 LATES UPDATE// ALREADY GRADED A+ ECS1601 TEST BANK REAL EXAM QUESTIONS AND VERIFIED ANSWERS WITH EXPLANTIONS 2024 LATES UPDATE// ALREADY GRADED A+ ECS1601 TEST BANK REAL EXAM QUESTIONS AND VERIFIED ANSWERS WITH EXPLANTIONS 2024 LATES UPDATE// ALREADY GRADED A+ ECS1601 TEST BANK REAL EXAM QUESTIONS AND VERIFIED ANSWERS WITH EXPLANTIONS 2024 LATES UPDATE// ALREADY GRADED A+ ECS1601 TEST BANK REAL EXAM QUES...

ECS1601 Over 400 Multiple Choice Questions and Answers (All you need for exams and assignments) Searchable Document!

ECS1601 TEST BANK Macroeconomics (University of South Africa) ECS1601 TEST BANK Question 1 In the goods market of the circular flow model, …. 1) firms buy factors of production from consumers 2) firms buy finished products from households 3) consumers buy factors of production from firms 4) firms sell factors of production to the government 5) consumers buy finished products from firms The correct alternative is [5]. Explanation In the goods market of the circular flow model, ...

ECS1601 TEST BANK Macroeconomics (University of South Africa)

ECS1601 TEST BANK Macroeconomics (University of South Africa) ECS1601 TEST BANK Question 1 In the goods market of the circular flow model, …. 1) firms buy factors of production from consumers 2) firms buy finished products from households 3) consumers buy factors of production from firms 4) firms sell factors of production to the government 5) consumers buy finished products from firms The correct alternative is [5]. Explanation In the goods market of the circular flow model, ...

ECS1601 TEST BANK Macroeconomics (University of South Africa) ECS1601 TEST BANK Question 1 In the goods market of the circular flow model, …. 1) firms buy factors of production from consumers 2) firms buy finished products from households 3) consumers buy factors of production from firms 4) firms sell factors of production to the government 5) consumers buy finished products from firms The correct alternative is [5]. Explanation In the goods market of the circular flow model, ...

ECS1601 TEST BANK ECS1601 TEST BANK Question 1 In the goods market of the circular flow model, .... 1) firms buy factors of production from consumers 2) firms buy finished products from households 3) consumers buy factors of production from firms 4) firms sell factors of production to the government 5) consumers buy finished products from firms The correct alternative is [5]. Explanation In the goods market of the circular flow model, consumers receive income in the form of salaries a...