Have an account?
Skip to Content
Build your own quiz
Suggestions for you
.png)
24 questions
Show Answers
See Preview
- 1. Multiple Choice
Businesses provide government with...taxessalesprivate goods & servicesinterest - 2. Multiple ChoiceWhat do governments provide for the market?private goods & servicespublic goods & services
- 3. Multiple ChoiceIn terms of resources, what do households provide for businesses?loanssavingslaborprivate goods
- 4. Multiple ChoiceIn terms of resources, what do businesses provide for households?incomesalestaxesprivate goods
- 5. Multiple ChoiceIn 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
- 6. Multiple ChoiceIn this market, businesses buy resources they need to produce goods and services.factor marketstoresproduct marketbusinesses
- 7. Multiple Choice
What do households provide to the resource market?
land, labor, capital, and entrepreneurship
money
people
income
- 8. Multiple ChoiceWhat do businesses provide for consumers according to the circular flow model?goods and servicesonly goodsonly servicestaxes
- 9. Multiple ChoiceIN the picture, what should replace Z?Factor MarketFirmsProduct MarketConsumers
- 10. Multiple ChoiceIn the picture, what should replace W?Factor MarketProduct MarketConsumersFirms
- 11. Multiple ChoiceLook at the picture. What should replace Y?ConsumersFirmsFactorsRevenue
- 12. Multiple Choice
What does government provide with the revenue it takes in from taxes?
Headaches
Public goods and services
More Congressmen
Greater control of the media
- 13. Multiple ChoiceIn the products marketfirms buy goods and services from householdsfirms sell goods and services to householdsfirms sell resources to householdsfirms buy resources from households
- 14. Multiple ChoiceWhich statement is true about the circular flow diagram?A Households are demanders in the product market and suppliers in the factor marketA Business are demanders in the product market and suppliers in the factor market.A Households are demanders in the factor market and suppliers in the product market.A Businesses and households are not components of the circular flow diagram.
- 15. Multiple ChoicePlace where buyers and sellers meet to exchange goods and services for moneyMarketFactor of productionMoneyInterdependent
- 16. Multiple ChoiceWhich term belongs in the empty box near the bottom of the picture?GovernmentResource markettaxesgoods and services
- 17. Multiple Choice
The missing label in the CFI diagram is...?
Government Sector
Financial Sector
Households
Firms
- 18. Multiple Choice
This diagram is called a:
Production Possibilities Curve
Supply and Demand Curve
Circular Flow Model
Circular Motion Equation
- 19. Multiple Choice
This circular flow model would be for a __________ economy
Traditional
Planned/Command
Free Market
Mixed Economy
- 20. Multiple Choice
This circular flow model would be for a __________ economy
Traditional
Planned/Command
Free Market
Mixed Economy
- 21. Multiple ChoiceWhich of the following is not an injection into the circular flow of national income?Government expenditureGovernment salaries paid to civil servantsGovernment taxationThe purchase of a domestically produced good by a foreign company
- 22. Multiple ChoiceWhich one of the following items constitutes a withdrawal/leakage from the circular flow of income of an economy?The purchase of a domestically produced good by a domestic companyThe purchase of a domestically produced good by a foreign companyThe payment of value added tax on goods sold in the domestic marketGovernment aid to companies in financial difficulties
- 23. Multiple ChoiceWhich one of the following is an injection into the circular flow of income?Personal income taxGovernment purchases of factor servicesImportsBusiness tax
- 24. Multiple Choice
1. Which statement best explains the roles of businesses and households in the Resource (factor) market?
Households sell resources, while businesses buy resources.
Households buy resources, while businesses sell resources.
Both households and businesses buy resources.
Both households and businesses sell resources.
- Answer choicesTagsAnswer choicesTags