Unit 3 Topic 3 Extra Practice

"An economic tool that shows the flow of goods and services and the interaction among households, businesses, government and banks." best defines

• Circular Flow Model

• Product Market

• Resource Market

• Business Firms

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

When WalMart pays income taxes, what two parts of the circular flow model are involved?

• consumers and producers
• businesses and government
• consumers and government
• producers and consumers

Where are factors of production (land, labor, etc) exchanged in the circular flow model?

• Factor Market

• Product Market

• Firms

• Individuals

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

Which number in the image above represents the proper flow OF MONEY if I take out a home loan to purchase a new cabin on Long Lake?

• 4

• 8

• 10

• 12

 

Which 2 arrows in the image given represents the proper flow OF GOODS AND SERVICES when Kim purchases an Apple Watch from Amazon?

• 6 & 8

• 5 & 7

• 1 & 3

• 2 & 4

 

Which 2 arrows in the image given represents the proper flow OF MONEY when Walmark buys 35 new folklifts for their warehouses?

• 6 & 8

• 5 & 7

• 1 & 3

• 2 & 4

 

Which arrow show the flow of money when the NFL take out a loan to pay for the Super Bowl half time show?

• 10

• 13

• 7

• 5

 

Which arrows show the proper flow of factors of product when Elliot sells his screenplay to Paramount to be used for a movie?

• 9 & 10

• 7 & 5

• 8 & 6

• 2 & 4