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Econ- 3.3 Formative Assessment Option 2

Authored by Chris Schriever

Social Studies

11th Grade

Econ- 3.3 Formative Assessment Option 2
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9 questions

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1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Identify what is exchanged in the Product Market in the Circular Flow Model of the US (there is always at least 2 things exchanged in each market).

Answer: _____

2.

CATEGORIZE QUESTION

3 mins • 8 pts

Drag the ROLES under the correct ACTOR in the Circular Flow Model of the US

Groups:

(a) Business Firms

,

(b) Households

,

(c) Government

,

(d) Banks

Provides laons

The buyers of final goods and services

Provides Public Goods and Services to both Households and Business Firms

Takes in savings from both households and business firms

Collect taxes from both households and business firms

The buyers of the factors of production

The sellers of final goods and services

The sellers of the factors of production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Based on the image of the Circular Flow Model given, identify the Number/Numbers of the flow from the image of an Unlabeled Circular Flow Model of the US in which each Economic Activity given below occurs. 

Which NUMBERS in the image above represent the proper flow of FACTORS OF PRODUCTION if Wal-mart hires 10 new employees at $13.00 an hour.

#'s 8 & 5

#'s 6 & 7

#'s 1 & 3

#'s 2 & 4

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Based on the image of the Circular Flow Model given, identify the Number/Numbers of the flow from the image of an Unlabeled Circular Flow Model of the US in which each Economic Activity given below occurs. 

Which numbers in the image above represent the proper flow of FACTORS OF PRODUCTION if Wal-mart hires 10 new employees at $13.00 an hour.

#'s 8 & 5

#'s 6 & 7

#'s 1 & 3

#'s 2 & 4

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Using the image of the Circular Flow Model givne, identify the Number/Numbers of the flow from the image of an Unlabeled Circular Flow Model of the US in which each Economic Activity given below occurs.

Which NUMBERS in the image above represent the proper flow of PUBLIC GOODS AND SERVICES when Chanhassen High School is in session?

#'s 1 & 3

#'s 13 & 15

#'s 14 & 16

#'s 7 & 6

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Based on the image of the Circular Flow Model given, identify the Number/Numbers of the flow from the image of an Unlabeled Circular Flow Model of the US in which each Economic Activity given below occurs. 

Which NUMBERS in the image above represent the proper flow of FINAL GOODS & SERVICES AND MONEY when Mr. Schriever buys a new TV for his man cave (You should have 4 numbers in your answer)?

#'s 5, 6, 7, 8

#'s 9, 10, 11, 12

#'s 13, 14, 15 & 15

#'s 1, 2, 3 & 4

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

For the scenario below, identify the correct Basic Economic Question that is being answered and identify where in the Circular Flow Model of the US that Basic Economic Question is answered.


Scenario: Mason pays $30 for a T-Shift from Kohl’s.

What Goods and Services will be produced?; Factor/Resource Market

How will the Goods and Services be produced?; Factor/Resource Market

Who consumes the Goods and Services?;

Factor/Resource Market and the Product Market

What Goods and Services will be produced?; Product Market

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