308.Which markets are represented in the simple circular-flow diagram?

c. markets for goods and services and markets for factors of production

a. markets for goods and services and markets for financial assets

b. markets for factors of production and markets for financial assets

d. markets for goods and services and markets for imports and exports

309.In the markets for goods and services in the circular-flow diagram,

c. households are buyers and firms are sellers.

a. households and firms are both buyers.

b. households and firms are both sellers.

d. households are sellers and firms are buyers.

310.In the circular-flow diagram, in the markets for

b. goods and services, households are buyers and firms are sellers.

a. goods and services, households and firms are both sellers.

c. the factors of production, households are buyers and firms are sellers.

d. the factors of production, households and firms are both buyers.

311.In the markets for goods and services in the circular-flow diagram,

c. firms provide households with output.

a. households provide firms with savings for investment.

b. households provide firms with labor, land, and capital.

d. firms provide households with profit.

312.In the markets for the factors of production in the circular-flow diagram,

a. households are sellers and firms are buyers.

b. households are buyers and firms are sellers.

c. households and firms are both buyers.

d. households and firms are both sellers.

313.In the circular-flow diagram, in the markets for

c. the factors of production, households are sellers and firms are buyers.

a. goods and services, households and firms are both sellers.

b. goods and services, households are sellers and firms are buyers.

d. the factors of production, households and firms are both buyers.

314.In the markets for factors of production in the circular-flow diagram,

a. households provide firms with labor, land, and capital.

b. households provide firms with savings for investment.

c. firms provide households with goods and services.

d. firms provide households with profit.

315.Which of the following transactions does not take place in the markets for factors of production in the circular-flow diagram?

d. a woman buys corn for dinner

a. a landowner leases land to a farmer

b. a farmer hires a teenager to help with harvest

c. a retired farmer sells his combine to a new farmer

316.Which of the following transactions does not take place in the markets for the factors of production in the circular-flow diagram?

b. Alfonso works as a marriage counselor and his clients pay him on a per-hour basis for his services.b. Alfonso works as a marriage counselor and his clients pay him on a per-hour basis for his services.

a. Kosuke provides plumbing services for a plumbing company and receives an hourly wage from the company for his services.

c. Geovany owns several shopping malls and receives rent payments from the companies that operate those malls.

d. Carlos sells advertising for a newspaper and receives a commission from the newspaper company for each advertisement that he sells.

317.In the circular-flow diagram,

b. households are sellers in the markets for the factors of production.

a. firms are buyers in the markets for goods and services.

c. firms are sellers in the markets for factors of production and in the markets for goods and services.

d. dollars that are spent on goods and services flow directly from firms to households.

318.The two loops in the circular-flow diagram represent

d. the flows of inputs and outputs and the flow of dollars.

a. the flow of goods and the flow of services.

b. the flow of dollars and the flow of financial assets.

c. the flow of inputs into production processes and the flow of outputs from production processes.

319.In the circular-flow diagram,

b. labor flows from households to firms.

a. profit flows from households to firms.

c. services flow from households to firms.

320.In the circular-flow diagram,

b. income payments flow from firms to households, and sales revenue flows from households to firms.

a. taxes flow from households to firms, and transfer payments flow from firms to households.

c. resources flow from firms to households, and goods and services flow from households to firms.

d. inputs and outputs flow in the same direction as the flow of dollars, from firms to households.

321.In the circular-flow diagram,

c. income paid to the factors of production flows from firms to households.

a. factors of production flow from government to firms.

b. goods and services flow from households to firms.

d. spending on goods and services flows from firms to households.

324.In the circular-flow diagram, which of the following items flows from households to firms through the markets for goods and services?

c. dollars spent on goods and services

b. dollars paid to land, labor, and capital

325.In the circular-flow diagram, which of the following items flows from firms to households through the markets for goods and services?

b. dollars paid to land, labor, and capital

c. dollars spent on goods and services

326.In the circular-flow diagram, which of the following items flows from firms to households through the markets for the factors of production?

c. dollars spent on goods and services

327.In the circular-flow diagram, which of the following items flows from households to firms through the markets for the factors of production?

c. dollars spent on goods and services

328.In the circular-flow diagram, which of the following items represents a payment for a factor of production?

c. spending by households on goods

d. spending by households on services

329.Among economic models, the circular-flow diagram is unusual in that it

d. does not involve mathematics.

a. drastically simplifies the real world.

b. features more than one type of market.

336.Refer to Figure 2-2. Boxes A and B of this circular-flow diagram represent

c. the markets for goods and services and the markets for financial assets.

d. the markets for goods and the markets for services.

337.Refer to Figure 2-2. Boxes C and D of this circular-flow diagram represent

d. the markets for goods and services and the markets for factors of production

c. the markets for goods and services and the markets for financial assets.

338.Refer to Figure 2-2. If Box A of this circular-flow diagram represents firms, then which box represents households?

d. Any one of the other boxes (B, C, or D) could represent households.

339.Refer to Figure 2-2. If households are sellers in the markets represented by Box D of this circular- flow diagram, then

a. Box D must represent the markets for factors of production.

b. Box C must represent the markets for goods and services.

c. firms are buyers in the markets represented by Box D.

340.Refer to Figure 2-2. If households are buyers in the markets represented by Box C of this circular- flow diagram, then

c. firms are sellers in the markets represented by Box C.

a. Box C must represent the markets for the factors of production.

b. Box D must represent the markets for goods and services.

341.Refer to Figure 2-2. If the owners of land, labor, and capital are represented by Box B of this circular-flow diagram, then

c. firms are represented by Box A.

a. households are represented by Box A.

b. firms are represented by Box C.

342,Refer to Figure 2-2. If the outer loop of this circular-flow diagram represents flows of dollars, then the inner loop includes

b. flows of inputs from households to firms.

a. flows of goods and services from households to firms.

c. flows of rent payments paid to owners of land.

d. flows of wages and salaries paid to workers.

343.Refer to Figure 2-2. If the flow of goods and services is part of what is represented by the inner loop of this circular-flow diagram, then

a. the flow of factors of production is also part of what is represented by the inner loop.

b. the flow of income paid to households is also part of what is represented by the inner loop.

c. the flow of revenue to firms is also part of what is represented by the inner loop.

d. households must be sellers of output.

346.The production possibilities frontier is a graph that shows the various combinations of output that an economy can possibly produce given the available factors of production and

b. the available production technology.

c. a fair distribution of the output.

d. the available demand for the output.

348.When constructing a production possibilities frontier, which of the following assumptions is not made?

d. The quantities of the factors of production that are available are increasing over the relevant time period.

a. The economy produces only two goods or two types of goods.

b. Firms produce goods using factors of production.

c. The technology available to firms is given.

349.Any point on a country's production possibilities frontier represents a combination of two goods that an economy

b. can produce using all available resources and technology.

a. will never be able to produce.

c. can produce using some portion, but not all, of its resources and technology.

d. may be able to produce in the future with more resources and/or superior technology.

350.Which of the following is a correct statement about production possibilities frontiers?

c. An economy can produce at any point on or inside the production possibilities frontier, but not outside the frontier.

a. An economy can produce only on the production possibilities frontier.

b. An economy can produce at any point inside or outside a production possibilities frontier.

d. An economy can produce at any point inside the production possibilities frontier, but not on or outside the frontier.

301-350 Eco

Authored by Nguyễn Thảo

English

University

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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"

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

302.Another term for factors of production is

a. inputs.

b. output.

c. goods.

d. services.

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.

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.

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.

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

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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