Grade 9 Social Studies Quiz

The key difference(s) between perfect competition and monopolistic competition is

• The products sold are slightly different in monopolistic competition

• The products sold are slightly different in perfect competition

• There is poor information about prices in perfect competition

• There is poor information about prices in monopolistic competition

The soft drink (colas in particular) industry can be best modeled using the model of

• Oligopoly

• Perfect competition

• Monopolistic competition

• Monopoly

Suppose ten companies begin introducing new genetically engineered apples. Each has their own distinctive taste and brand name. This market would be described by

• Oligopoly

• Perfect competition

• Monopolistic competition

• Monopoly

In the resource market of circular flow:

• Households sell resources to businesses

• Businesses borrow financial capital from households

• Firms sell raw materials to households

• Businesses sell resources to businesses

In the circular flow model:

• Businesses neither buy nor sell resources

• Household spend income in the resource market

• Households receive income through the product market

• Households sell resources to firms

Refer to the above diagram. Flow (1) represents:

• Wage, rent, interest, and profit income

• Consumer expenditures

• Goods and services

• Land, labor, capital, and entrepreneurial ability

Refer to the above diagram. Flow (2) represents:

• Land, labor, capital, and entrepreneurial ability

• Goods and services

• Wage, rent, interest, and profit income

• Consumer expenditures

Refer to the above diagram. Flow (3) represents:

• Goods and services

• Wage, rent, interest, and profit income

• Consumer expenditures

• Land, labor, capital, and entrepreneurial ability

Refer to the above diagram. Flow (4) represents:

• Consumer expenditures

• Land, labor, capital, and entrepreneurial ability

• Goods and services

• Wage, rent, interest, and profit income

In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market.

• Product; resource

• Resource; product

• Capital; product

• Product; financial