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ANS: B PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 59. Which two groups of decisionmakers are included in the simple circular-flow diagram? A. markets and government b. households and government c. firms and government d. households and firms ANS: D PTS: 1 DIF: 1 REF: 2-1 TOP: Circular-flow diagram MSC: Definitional 60. In the simple circular-flow diagram, a. households own the factors of production. B. households buy all the goods and services that firms produce. C. land, labor, and capital flow from households to firms. D. All of the above are correct. ANS: D PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 61. Which of the following statements about the circular-flow diagram is correct? A. One must imagine that the economy operates without money in order to make sense of the diagram. B. The diagram leaves out details that are not essential for understanding the economic transactions that occur between households and firms. C. In the

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