Circular Flow of Economic Activity Quiz

Circular Flow of Economic Activity Quiz

12th Grade

8 Qs

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Circular Flow of Economic Activity Quiz

Circular Flow of Economic Activity Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Susanna Hitt

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Part of the circular flow of economic activity where firms decide what to produce, for whom to produce, and how much to produce.

Product Market

Factor Market

Business Sector

Consumer Sector

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land, labor, capital, and resources.

Public Good

Factors of Production

Transfer Payment

Trade-Off

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An expense that cannot be recovered.

Sunk Cost

Trade-Off

Surplus

Shortage

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The basic economic problem of having unlimited wants/needs and limited resources is known as:

Scarcity

Abundance

Surplus

Inflation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When supply is greater than demand, it is called:

Shortage

Equilibrium

Surplus

Deficit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods meant to be sold to consumers for personal use are called:

Capital Goods

Consumer Goods

Industrial Goods

Durable Goods

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A household sold its labor to the t-shirt factory. What is this an example of?

Supply

Demand

Production

Consumption

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Based on the chart, what is the price of shoes when the supply is 20,000?

$20

$30

$60

$70