Circular Flow

Circular Flow

7th Grade

8 Qs

quiz-placeholder

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Circular Flow

Circular Flow

Assessment

Quiz

History

7th Grade

Medium

Created by

Michael Loret

Used 52+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

spending-->production-->income-->leads to more...

spending

production

income

time in jail

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the circular flow, we can actually talk about two markets. What are they?

Natural market and stable market

Command market and free market

Resource market and product market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following flow among households, businesses, and the government in American economy EXCEPT:

Resources

Laws

Goods and services

Money

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are resources provided by households EXCEPT

Labor

Investment (money)

Ideas

Factories

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Businesses spend their income in ALL of the following ways EXCEPT--

Purchase labor

Pay taxes

Purchase capital resources

Expand their businesses

Actually these are all ways that businesses spend their incomes

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does government provide with the revenue it takes in from taxes?

Headaches

Public goods and services

More Congressmen

Greater control of the media

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is KFC an example of a product or resource market?

Product

Resource

Both

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Critical thinking question--what happens to the US economy if people lose their jobs?

They lose their income, which slows spending, this slows production, which leads to more people losing their jobs, which slows spending...

Lots of people return to school to become teachers

The price of labor goes up

The supply of labor goes down