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- Multiple ChoicePlease save your changes before editing any questions.What do the households provide businesses?LabourWagesResourcesGoods and services
- Multiple ChoicePlease save your changes before editing any questions.In the products marketfirms buy goods and services from householdsfirms sell goods and services to householdsfirms sell resources to householdsfirms buy resources from households
- Multiple ChoicePlease save your changes before editing any questions.The government main source of fundsbondsgovernment chargestransfer paymentsnet taxes
- Multiple ChoicePlease save your changes before editing any questions.
Goods and services are sold in the ___ marketFactorProduct - Multiple ChoicePlease save your changes before editing any questions.When you get a college degree you have increased yourproduct markethuman capital
- Multiple ChoicePlease save your changes before editing any questions.Resources are sold in the ___ MarketProductFactor
- Multiple ChoicePlease save your changes before editing any questions.What is being represented by the "green flow lines"Flow of MoneyFlow of Goods and Services
- Multiple ChoicePlease save your changes before editing any questions.What is being represented by the "red flow line"The flow of moneyThe flow of goods and services
- Multiple ChoicePlease save your changes before editing any questions.What do businesses provide for consumers according to the circular flow model?goods and servicesonly goodsonly servicestaxes
- Multiple ChoicePlease save your changes before editing any questions.In the circular flow model, the product market describes _____.stores that sell goods and services to householdsthe government paying for public goodshouseholds selling their labor to businesseshouseholds receive income from businesses
- Multiple ChoicePlease save your changes before editing any questions.The circular flow model of a market economy showshow profits are madewhat inputs are required for what outputshow many firms can support the needs of how many householdsthe interactions between households and firms in the free market
- Multiple ChoicePlease save your changes before editing any questions.
Starting with Production Possibility Curve BB, which change in the graph would best show the effect of a shift in resources from the production of capital goods to the production of consumer goods
The curve would move to CC
The curve would move to BD
The curve would move to AA
Production would move to point Y
None of the above
- Multiple ChoicePlease save your changes before editing any questions.
Weston purchases a new car from a Toyota dealer, in the Circular Flow Diagram, Toyota would be an example of:
a household participating in the resource market
a household participating in the product market
a government participating in the product market
a business participating in the resource market
a business participating the product market
- Multiple ChoicePlease save your changes before editing any questions.
What graphically shows the opportunity cost of producing one more unit of one good in terms of the amount of the other good that must be given up?
Production Possibilities Curve
Surplus
Shortage
Supply/Demand
Scarcity
- Multiple ChoicePlease save your changes before editing any questions.
According to economics, which of the following could be your opportunity cost of taking this Quizizz?
Working on an assignment for another class
The benefit of reviewing for the test
All activities you could choose to do instead
The money taxpayers spent on your education
All of the above
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following countries would be the best example of a command economy?
North Korea
Canada
United Kingdom
Japan
United States
- Multiple ChoicePlease save your changes before editing any questions.
Which of these is considered "land" in economics?
a farmers field
wind used to generate power
Worms used to decompose a compost pile
an agent who sells a house
a tractor that pulls a plow
- Multiple ChoicePlease save your changes before editing any questions.
Mr. White paid $2 to park near MCV hospital. The lot where he parked had lots of empty spaces available to purchase. Which of the following statements would an economist agree with
Because there were unused parking spots still available, the parking was not scarce
The decision to park near MCV involved a tradeoff
Mr. White believed that paying for the parking spot was in his own best interest
The opportunity cost of this decision was whatever Mr. White would have done with the $2, had he not parked there
- Multiple ChoicePlease save your changes before editing any questions.
Most American households receive income from selling which resource?
Land
Labor
Capital
Entrepreneurship
- Multiple ChoicePlease save your changes before editing any questions.In the circular flow model, what do individuals SELL to businessesServicesMoneyResourcesD Goods
- Multiple ChoicePlease save your changes before editing any questions.In the products marketfirms buy goods and services from householdsfirms sell goods and services to householdsfirms sell resources to householdsfirms buy resources from households
- Multiple ChoicePlease save your changes before editing any questions.The circular flow model of a market economy showshow profits are madewhat inputs are required for what outputshow many firms can support the needs of how many householdsthe interactions between households and firms in the free market
- Multiple ChoicePlease save your changes before editing any questions.
"Congress Passes Bill to Increase Duration of Unemployment Benefits During Great Recession"
What government action does the bill in headline exemlify?
(Review SSEF5)
Redistribution of Income
Resolution of market failures
Protection of Property Rights
Provision of public goods and services
- Multiple ChoicePlease save your changes before editing any questions.
In 2008 the United States governnent loaned money to companies in the automobile industry.
This is an example of which of the following?
(Review SSEF5)
Regulation
deregulation
pure competition
market economic system
- Multiple ChoicePlease save your changes before editing any questions.
What would be considered a consequence for consumers if the government reduces industry restrictions?
(SSEF5 Review)
Recessions
Price drops
Less Variety
Reduction of competition
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following will result in an increase in producttivity?
(SSEF6 Review)
Gaining access to more inputs
Working more hours to produce more
Producing mroe using fewer inputs
Producing less using the same amount of inputs
- Multiple ChoicePlease save your changes before editing any questions.
Which scenario would cause a positive shift in the production possiblities curve?
(SSEF6 Reveiw)
A company that hires 100 new workers
A company that has been affected by a tropical storm
A company that invests in job training for its workers
A company that has opend its doors for the first time to consumers
- Multiple ChoicePlease save your changes before editing any questions.
In Canada and the United States, Labor Day is celebrated on the first Monday of __________.
September
December
January
July
- Multiple ChoicePlease save your changes before editing any questions.
Which date was the first Labor Day? (Happened in New York City)
Sept. 1, 1882
Sept. 5, 1882
Sept. 3, 1882
Sept. 4, 1886
- Multiple ChoicePlease save your changes before editing any questions.
Who is the founder of Labor Day?
President Grover Cleveland & Leslie Smith
President Grover Cleveland & Peter J. McGuire
Jesse Von Weimer & Matthew Maguire
Peter J. McGuire & Matthew Maguire
- Multiple ChoicePlease save your changes before editing any questions.
In 1887 what state became the first state of the United States to make Labor Day an official public holiday?
Alabama
Illinois
Oregon
New York
- Multiple ChoicePlease save your changes before editing any questions.
By the time it became an official federal holiday in 1894, how many U.S. states already officially celebrated Labor Day?
30
35
40
25
- Multiple ChoicePlease save your changes before editing any questions.What do most Americans see Labor Day as?The end of winterThe end of summerAn important victoryA union construct
- Multiple ChoicePlease save your changes before editing any questions.What does Labor Day celebrate?Enjoying time with familyHaving time to relax with friendsa celebration of the social and economic achievements of American workersA sad moment in history
- Multiple ChoicePlease save your changes before editing any questions.
Why do we celebrate Labor Day?
to honor workers and recognize their contributions to society
Celebrate the birth of a child
to honor m&m's
to honor veterans
- Multiple ChoicePlease save your changes before editing any questions.
In 1894 after the Pullman Strike in Illinois, as well as a series of unemployed workers's riots in May Day in Cleveland prompted what U.S. President to propose a bill that would make Labor Day a national public holiday?
Bill Clinton
Ronald Reagon
Grover Cleveland
John F. Kennedy
- Multiple ChoicePlease save your changes before editing any questions.
Over the years, in the United Sates, the significance of Labor Day in the United States changed, what did it become a time for:
Family get together's
Parades
Speeches
- Multiple ChoicePlease save your changes before editing any questions.
Andy works for Mama's Pizza restaurant. He delivers pizzas on the weekend. Andy does not work during the week; however, he orders pizza from the restaurant each Monday when he is home alone. His work colleague, Ted, delivers the pizzas on Mondays.
Which describes the difference between Andy’s factor market and product market transactions?
Andy acts as a firm in the product market when he sells his labor, while he acts as a household in the factor market when he buys the good of pizza
Andy acts as a firm in the product market when he sells pizza to customers, while he acts as a household in the factor market when he buys the good of pizza
Andy acts as a firm in the product market when he buys the labor of Ted who delivers pizza to him, and also acts as a firm in the factor market when he sells the good of pizza to customers.
Andy acts as a household in the product market when he buys the good of pizza from the restaurant, and also acts a household in the factor market when he sells his labor to the restaurant on the weekends.
- Multiple ChoicePlease save your changes before editing any questions.
Which letter represents the part of the circular flow diagram where personal income would be located?
A
B
C
D
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is the BEST example of a product market transaction?
Cindy provides labor at her part-time job at a grocery store bakery.
Cindy gets ingredients at the grocery store to make cookies for her family.
Cindy gives her manager cookies as a thank you for giving her time off for a family vacation.
Cindy gets ingredients at the grocery store to make cookies for her home-based catering business.
- Multiple ChoicePlease save your changes before editing any questions.
Which TWO situations could economists illustrate as a factor market transaction on a pure market circular flow diagram?
A student receives wages for working as a line cook at a fast-food restaurant
A mother puts part of her income into a college savings account for her son.
A patient uses health insurance to pay for long-term hospitalization.
A teacher receives wages for his or her job at a public school.
A man rents his land to an oil company
- Multiple ChoicePlease save your changes before editing any questions.
What should Arrow A be labeled?
Expenditures
Income
Revenue
Wages