Question:
Identify the incorrect statement in the context of circular flow of Income:
(A) Household provides factor services to firms
(B) Household receives goods & services from firms
(C) Firms receives factor payments from households
(D) Factor services includes : land, labour, Capital and Entrepreneur
(E) In a simple economy, there are three sectors : Household, Firms & Government
Choose the correct answer from the options given below :
Identify the incorrect statement in the context of circular flow of Income:
(A) Household provides factor services to firms
(B) Household receives goods & services from firms
(C) Firms receives factor payments from households
(D) Factor services includes : land, labour, Capital and Entrepreneur
(E) In a simple economy, there are three sectors : Household, Firms & Government
Choose the correct answer from the options given below :
(A) Household provides factor services to firms
(B) Household receives goods & services from firms
(C) Firms receives factor payments from households
(D) Factor services includes : land, labour, Capital and Entrepreneur
(E) In a simple economy, there are three sectors : Household, Firms & Government
Choose the correct answer from the options given below :
Updated On: May 21, 2024
- (A) & (C) only
- (B) & (C) only
- (C) & (E) only
- (D) & (E) only
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The Correct Option is C
Solution and Explanation
The correct option is (C) :(C) & (E) only.
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