Circular Flow

Circular Flow

12th Grade

7 Qs

quiz-placeholder

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Circular Flow

Circular Flow

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Joe Hannaford

Used 324+ times

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7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What model shows how products, resources, and money flow in the economy?

Circular flow model

aggregate model

GDP output expenditure model

the Cobb-Douglas production function

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In what market do businesses sell goods and services to households?

Product Market

Factor Market

Resource Market

None of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In what market are the factors of production bought and sold?

Product Market

Resource Market (AKA- Factor Market)

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a free market economy who owns the resources?

state governments

the federal government

households

local governments

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an INCORRECT association of the factor payments?

land-rent

labor- wages

capital- interest

entrepreneur- profit

All are correct associations of the factor payments

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False- Businesses demand in the resource market and supply in the product market

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The part of the economy ran by the government is called the....

private sector

public sector

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