Mod 10 Quiz
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
ARNOLDO GARCIA
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is false about the circular-flow diagram?
Households are the primary demanders of goods and services.
Firms are the primary suppliers of goods and services.
Money flows from households to firms as households offer factors of production for sale.
Money flows in the opposite direction as goods and services and factors of production.
Household savings is considered an injection of money into the circular flow.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which are the two markets represented in the simplest circular-flow diagram?
The market for goods and services and the market for factors of production.
The markets for households and firms.
The market for money and the market for goods and services.
The market for factors of production and the market for money.
The market for goods and services and the market for human capital.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a government transfer is a(n):
expenditure on an interstate highway.
bequest from a deceased relative.
Social Security payment.
salary for members of the armed forces.
salary earned as an economist with a government agency.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Transfer payments:
are a means by which government raises funds.
represent a redistribution of funds from one individual to another individual in the economy.
are counted in GDP.
is another term for government taxation.
reduce a household’s ability to purchase goods and services.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gross domestic product is defined as:
consumer spending + government purchases + financial spending + exports – imports.
consumer spending + government transfers + investment spending + exports – imports.
disposable income + taxes + investment spending + exports + imports.
consumer spending + government purchases + investment spending + exports – imports.
consumer spending + government purchases + investment spending + imports– exports.
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