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- 1. Multiple-choice30 seconds1 ptBusinesses provide government with...taxessalesprivate goods & servicesinterest
- 2. Multiple-choice30 seconds1 ptWhat do governments provide for the market?private goods & servicespublic goods & services
- 3. Multiple-choice30 seconds1 ptIn terms of resources, what do households provide for businesses?loanssavingslaborprivate goods
- 4. Multiple-choice30 seconds1 ptIn terms of products, what do businesses provide for households?private goodspublic goodssalesincome
- 5. Multiple-choice30 seconds1 ptIn terms of resources, what do businesses provide for households?incomesalestaxesprivate goods
- 6. Multiple-choice30 seconds1 ptIn terms of products, what do households provide for businesses?salestaxesprivate goodssavings
- 7. Multiple-choice30 seconds1 ptWhat do banks provide for households & businesses?interest paymentssavingssalespublic services
- 8. Multiple-choice30 seconds1 ptWhat do businesses & households provide for banks?savingsloansmortgagesprivate services
- 9. Multiple-choice30 seconds1 ptT/F: Markets tend to circulate resources, goods, & money through the four sectors of the economy continuously.TrueFalse
- 10. Multiple-choice30 seconds1 ptThe Circular Flow model proves that the sectors of the economy are...independentdependentinterdependentround
- 11. Multiple-choice30 seconds1 ptWhat do the households provide businesses?LabourWagesResourcesGoods and services
- 12. Multiple-choice30 seconds1 ptIn the products marketfirms buy goods and services from householdsfirms sell goods and services to householdsfirms sell resources to householdsfirms buy resources from households
- 13. Multiple-choice30 seconds1 ptGoods and services are sold in the ___ marketFactorProduct
- 14. Multiple-choice30 seconds1 ptWhen you get a college degree you have increased yourproduct markethuman capital
- 15. Multiple-choice30 seconds1 ptResources are sold in the ___ MarketProductFactor
- 16. Multiple-choice30 seconds1 ptWhat is being represented by the "green flow lines"Flow of MoneyFlow of Goods and Services
- 17. Multiple-choice30 seconds1 ptWhat is being represented by the "red flow line"The flow of moneyThe flow of goods and services
- 18. Multiple-choice30 seconds1 ptWhat do businesses provide for consumers according to the circular flow model?goods and servicesonly goodsonly servicestaxes
- 19. Multiple-choice30 seconds1 ptIn 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
- 20. Multiple-choice45 seconds1 pt
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
- 21. Multiple-choice45 seconds1 pt
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
- 22. Multiple-choice45 seconds1 pt
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
- 23. Multiple-choice45 seconds1 pt
Most American households receive income from selling which resource?
Land
Labor
Capital
Entrepreneurship
- 24. Multiple-choice30 seconds1 ptIn the circular flow model, what do individuals SELL to businessesServicesMoneyResourcesD Goods
- 25. Multiple-choice1 minute1 ptThe 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
- 26. Multiple-choice30 seconds1 ptIn economics, rational decisions occur whensuppliers lower their prices to increase demandmarginal benefits of an action equal or exceed the marginal costsa budget is used for spending and saving decisionscommand economies answer the three basic questions
- 27. Multiple-choice30 seconds1 ptA and B both wash cars and change oil. Currently, each man washes and changes oil by himself, but the process takes lots of time. they would MOST LIKELY improve their efficiency ifA & B wash a car and chang eoil togetherA washes car while B changes oilA washes B car while B washes A's carA and B reduce the number of cars they wash
- 28. Multiple-choice30 seconds1 ptWhich BEST describes productivity?the interaction of buyers and sellersthe relationship of inputs and outputsproducing at high opportunity coststrading based on absolute advantage
- 29. Multiple-choice30 seconds1 ptLook at the picture. What should replace Y?ConsumersFirmsFactorsRevenue
- 30. Multiple-choice30 seconds1 ptWhat are the names for the money that Firms put into the FACTOR market and that HOUSEHOLDS receive for the sale of scarce resourcesWagesProfitsIncomeAll of the above
- 31. Multiple-choice30 seconds1 ptIn which market do consumers purchase goods and services?FactorProductHouseholdsnone of the above
- 32. Multiple-choice30 seconds1 ptIn which market do Firms purchase the scarce resources from households?FactorProductHouseholdsnone of the above
- 33. Multiple-choice2 minutes1 ptReferring to the graphic, which of the following is true:Income flows from businesses to households in the goods and services marketIncome flows from businesses to households in the factor marketsIncome flows from households to businesses in the factor marketIncome flows from households to households in the factor market
- 34. Multiple-choice30 seconds1 ptWhich of the following is true regarding the circular flow model?Households provide the demand for the factor market, and business provide the supply for goods and services market.Households provide the demand for the goods and service market, and business provides the supply for the factor market.Households provide the supply for the factor market, and business provides the supply for the goods and service market.Households provide both the supply and demand for the goods and services market.
- 35. Multiple-choice2 minutes1 ptWhich of the following do households provide businesses?LaborTaxesGoods and ServicesFinal Products
- 36. Multiple-choice1 minute1 ptin the circular flow model, money flowsone way and business revenue anotherone way and products flow anotherthe same way as goods and servicessame way as productive resources
