301-350 Eco

301-350 Eco

Assessment

Quiz

English

University

Hard

Created by

Nguyễn Thảo

FREE Resource

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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

301.Which of these terms are used interchangeably?

a. "goods and services" and "inputs"

b. "goods and services" and "factors of production"

c. "inputs" and "factors of production"

d. "land, labor, and capital" and "goods and services"

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

302.Another term for factors of production is

a. inputs.

b. output.

c. goods.

d. services.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

303.In economics, capital refers to

a. the finances necessary for firms to produce their products.

b. buildings and machines used in the production process.

c. the money households use to purchase firms' output.

d. stocks and bonds.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

304.In the simple circular-flow diagram, households

a. are the only decision makers.

b. own the factors of production.

c. are buyers of inputs.

d. consume only some of the goods and services that firms produce.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

305.In the simple circular-flow diagram,

a. households own the factors of production.

b. households buy all the goods and services that firms produce.

c. land, labor, and capital flow from households to firms.

d. All of the above are correct.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

306.In the simple circular-flow diagram, who consumes the goods and services that firms produce?

a. households only

b. firms only

c. both households and firms

d. neither households nor firms

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

307.In the circular-flow diagram, another name for goods and services produced by firms is

a. factors of production.

b. output.

c. inputs.

d. resources.

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