Demand for final consumption arises in
A). Household sector only
B). Government sector only
C). Both household and government sector
D). Neither household nor government sector
Both household and government sector
Demand for final consumption arises in both household and government sector. In the basic two- sector circular flow of income model, the economy consists of two sectors: (1) households and (2) firms.
1. A firm under perfect competition is
2. Question 3:Are the following workers ” a beggar, a thief, a smuggler, a gambler? Why?
5. How does a decrease in SLR affect the market?
6. Which of the following will cause an increase in demand for a good?
7. Under conditions of perfect competition in the product market
8. Gross National Product equals:
9. If all inputs are trebled and the resultant output is doubled, this is a case of