GDP, the 4 Factors & the Circular Flow of Resources

Which is the best example of a natural resource?

• deck

• tree

• fence

• house

Which of the following is a human resource?

• oil

• tools

• goods

• knowledge

Most countries with high per capita GDPs have

• highest population growth

• free market economies

• trade deficits

• command economies

Human resources can be improved if workers gain...

• education, training, and experience

• higher wages and better health care

• higher quality factors of production

• new machines and better materials

It is important to compare the United States' GDP to:

• The GDP of another country

• A U.S. GDP from past years

• both “The GDP of another country" and “A U.S. GDP from past years”

• none of the above

Which sector represents companies that produce goods and services?

• the product sector

• the business sector

• the foreign sector

• the government sector

The market demand curve slopes downward because prices go

• down as demand goes up.

• down as demand goes down

• up as demand goes up

• up as demand remains stable

The interaction between supply & demand determine...

• deficits

• markets

• prices

• surplus

Which of the following best explains the upward slope of the supply curve?

• High prices motivate consumers to buy more.

• Low prices motivate consumers to buy less.

• High prices motivate suppliers to produce more.

• Low prices motivate suppliers to produce less.

Which box represents the Business Sector?

• 1

• 2

• 3

• 4