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JAMB Economics 1994 Question 4

Question 4

National Income

The circular flow of income defines the

  1. A.relationship between ends and means in the economic system
  2. B.allocation of income to various members of the household
  3. C.flow of goods, services and money among the various macro-sectors of the economy
  4. D.micro-economic relationships in economic analysis
Show the answer and explanation

Answer: C (flow of goods, services and money among the various macro-sectors of the economy)

Explanation

The circular flow shows goods, services, factors and money moving between households, firms, government and the foreign sector.