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- 1. Multiple Choice
Point B represents
Product Market
Factor Market
Individuals
Businesses
- 2. Multiple Choice
What are the four main parts of the circular flow diagram?
Product Market, Stock Market, Factor Market, Fish Market
Product Market, House Market, Factor Market, Good Market
Factor Market, Product Market, Households, Firms
Factor Market, households, Stock Market, super market
- 3. Multiple Choice
What does point A represent on the Circular flow diagram?
Households
Businesses
Factor Market
Product Market
- 4. Multiple Choice
Where are factors of production (land, labor, etc) exchanged in the circular flow model?
Factor Market
Product Market
Firms
Individuals
- 5. Multiple Choice
Where do factors of production (land, labor, etc) come from in the circular flow model?
Factor Market
Product Market
Firms
Individuals
- 6. Multiple Choice
In the circular flow diagram firms pay wages for which factor of production?
Land
Labor
Entrepreneurship
Raw materials
- 7. Multiple Choice
What does point C represent on the Circular Flow diagram?
Firm
Factor Market
Individual
Product Market
- 8. Multiple Choice
The exchange of money for goods/services to consumers is represented in which part of the circular flow diagram?
1 and 2
3 and 4
5 and 6
7 and 8
- 9. Multiple Choice
The delivery of finished products for sale in exchange for revenue is represented in which arrows?
1 and 2
3 and 4
5 and 6
7 and 8
- 10. Multiple Choice
A person stocks shelves at a grocery store and receives a wage. They have completed an exchange in which part of the circular flow model?
Individuals
Businesss
Factor Market
Product Market
- 11. Multiple Choice
Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circuclar flow model?
Product Market
Factor Market
Firms
Individuals
- 12. Multiple Choice
Money exchanged between businesses and individuals for labor.
wages
revenue
spending
profit
- 13. Multiple Choice
Money exchanged between an individual and a store for a good or service.
Revenue
Wages
Rent
Donation
- 14. Multiple ChoiceWhat type of economic system allows the government to decide what to produce, how to produce and for whom to produce?MarketMixedCommandTraditional
- 15. Multiple ChoiceWhat type of economic system is based on customs and beliefs?MarketMixedTraditionalcommand
- 16. Multiple ChoiceThe four types of economic systems are:Traditional, Command, Mixed, & MarketTraditional, Command, Combined, & MarketCommunism, Capitalism, Free Market, and MacroeconomicsMicroeconomics, Macroeconomics, Individual, and Traditional.
- 17. Multiple ChoiceIn the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy?TraditionalMarketCommandCentrally planned
- 18. Multiple ChoiceWhat are the 3 economic questions?What to produce? How To Produce? For whom to produce?Who to produce? Why you produce? Like to produce?Why to produce? Tell who to produce? Things to produce?What to produce? How to produce? When to produce?
- 19. Multiple ChoiceWhen someone or a business chooses to specialize or produce certain items.EntrepreneurEconomicsVoluntary ExchangeSpecialization
- 20. Multiple ChoiceWhat type of economy do most countries in the world have?Market economyCommand economyTraditional economyMixed economy
- 21. Multiple ChoiceWho or what answers the basic economic questions in a mixed economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- 22. Multiple ChoiceWho or what answers the basic economic questions in a traditional economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- 23. Multiple ChoiceWho or what answers the basic economic questions in a command economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- 24. Multiple ChoiceWho or what answers the basic economic questions in a free market economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- 25. Multiple ChoiceThe government has little to no role in the production of goods in this type of economy.TraditionalMixedCommandMarket
- 26. Multiple Choice
This guy is called the father of economics and he literally wrote the book on free markets and the invisible hand
Karl Marx
John Locke
Isaac Newton
Adam Smith
- 27. Multiple ChoiceI’ve been at my job now for 10 years. I work really hard, and always do what I am told. They just hired a new guy and his desk is right next to mine. He is late all the time, he is sloppy at putting together the packets we make, and he makes the same about of money as me. It makes me so mad.efficiencyequitygrowthequity
- 28. Multiple ChoiceI love the supermarket in my neighborhood. They always have what I need, and everything is so reasonably priced. It helps me keep to my budget, which helps me have money to pay my rent every month.stabilityfreedomgrowthsecurity
- 29. Multiple ChoiceMy restaurant has been so busy lately. So busy that I hired more waiters and added opened up a patio on the roof with additional seating.efficiencygrowthsecuritystability
- 30. Multiple ChoiceMy mom had to have surgery. Luckily she won’t have to pay the medical bills since she went to the government-run hospital. They even gave her the prescriptions at no cost.equitysecurityfreedomefficiency
- 31. Multiple ChoiceI decided to attend a specialty high school that offered experience in fixing cars so I could be an auto mechanic when I get older. I’ve wanted to be one since I was a little kid.securityequitystabilityfreedom
- 32. Multiple ChoiceIn my Native American tribe, we use the skin of the buffalo for teepees, the fur for blankets, the meat for food, and the bones for tools.FreedomEfficiencyGrowthSecurity
- 33. Multiple ChoiceStruggle among multiple sellers to attract consumersMixed EconomyProfit MotiveCompetitionInflation
- 34. Multiple ChoiceEconomic action done or brought about by free choiceConsumer SoveriegntyVoluntary ExchangeProfit MotiveFree Enterprise
- 35. Multiple ChoiceDriving force that encourages people to improve their material well-being?Profit MotiveEntrepreneurInflationMinimum Wage
- 36. Multiple ChoiceThe four factors of production are land, labor, capital, and _______ .EntrepreneursFranchisesInflationthe Government
- 37. Multiple Choice
The study of a single factor of an economy - such as individuals, households, businesses, and industries - rather than an economy as a whole.
Microeconomics
Macroeconomics
Productivity
Opportunity Cost
- 38. Multiple Choice
The study of an entire economy.
Macroeconomics
Microeconomics
Scarcity
Factors of Production
- 39. Multiple ChoicePollution caused by automobiles is an example ofan innefficient allocation of resources.a positive externality.a negative externality.the public sector.
- 40. Multiple ChoiceWhen a third party member is affected by the interaction of a buyer and seller, we call thisAn externalityThe tragedy of the commonsconsumer surplustotal welfare
- 41. Multiple ChoicePollution released from a factory is an example of a ________ ExternalityNegativeNeutralPositive
- 42. Multiple Choiceunintended side effect that either benefits or harms a third party not involved in the activitytrustexternalityoligopolymonopoly
- 43. Multiple ChoiceWhich best describes a public good?A good provided by the governmentA good purchased by individualsA good that exists only in a free marketA good that produces no externalites
- 44. Multiple ChoiceThe following statements are true of government regulations exceptThey limit economic freedomThey seek to limit negative externalitiesThey exist to protect consumersThey are always popular with private businesses
- 45. Multiple Choice
Market failures occur when
the accumulation of wealth in the free market is shared between a large group of people
a command economy increases production
the economy has a strong GDP and low interest rates
the distribution of goods and services in the free market is not efficient and leads to loss of social wellbeing
- 46. Multiple Choice
This diagram is called a:
Production Possibilities Curve
Supply and Demand Curve
Circular Flow Model
Circular Motion Equation
- 47. Multiple Choice
This circular flow model would be for a __________ economy
Traditional
Planned/Command
Free Market
Mixed Economy
- Answer choicesTagsAnswer choicesTags