Week 2 Microeconomics

Week 2 Microeconomics

University - Professional Development

•

30 Qs

quiz-placeholder

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Week 2 Microeconomics

Week 2 Microeconomics

Assessment

Quiz

•

Social Studies

•

University - Professional Development

•

Practice Problem

•

Hard

•
CCSS
RI.7.2, RI.8.2, RL.11-12.2

+2

Standards-aligned

Created by

sasitharan manokaran

Used 13+ times

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What three entities make up the circular flow model?

businesses, households, and the government
Buyers, sellers, producers
Local, state, and federal government
President Obama, Katy Perry, Waka Flocka

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do businesses provide for consumers according to the circular flow model?

goods and services
only goods
only services
taxes

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the circular flow model, the product market describes _____.

stores that sell goods and services to households
the government paying for public goods
households selling their labor to businesses
households receive income from businesses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do households provide to the resource market?

land, labor, capital 
money
people
income

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a product market?

Amazon.com offering goods to consumers

Governments providing loans to businesses

Households providing labor to businesses.

Consumers paying taxes to the government

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a factor market?

The goods sold at Walmart.

Apple purchasing the natural resources needed to make iPhones.

McDonald's selling Big Macs "2 for $4".

Shoe Carnival having a "Buy One, Get One Half Off" sale.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A _____________ economy is completely determined and controlled by a central planning authority or the government

Traditional

Planned/Command

Mixed

Free Market

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