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Total questions: 22
Worksheet time: 17mins
If there are two goods with positive prices and the price of one good is reduced, while income and other prices remain constant, then the size of the budget set is reduced.
True
False
Which point on the curve is an efficient use of resources?
F
D
E
A
Which point on the curve is an efficient use of resources?
F
D
E
A
According to the chart, what do household exchange in the Product market for finished products?
Consumption Expenditures
Cost
Goods and services
Productive Resources
According to the chart above, what do businesses receive from the factor market?
Goods and Services
Finished Goods
Income
Factors of Production
According to the chart, what do businesses do with the productive resources they purchase?
make finished goods and services and sell them in the product market
make finished goods and services and sell them in the factor market
make productive resources and sell them in the product market
use them to gain a tax credit with the government
According to the chart, what do businesses do with the productive resources they purchase?
make finished goods and services and sell them in the product market
make finished goods and services and sell them in the factor market
make productive resources and sell them in the product market
use them to gain a tax credit with the government
According to the chart, who makes income?
Businesses
Factor Markets
Product Markets
Households
According to the chart, how do households and businesses interact in the factor market?
Households sell finished goods and services to businesses for money
Households sell productive resources to businesses in exchange for income
Households sell productive resources to businesses in exchange for expenses
Households purchase finished goods from businesses in exchange for cost
According to the chart above, how do businesses and households interact in the product market?
Businesses sell productive resources to house holds for income
Businesses sell finished goods and services to the households for the factors of production
Households purchase finished goods and services from the business for money that becomes is revenue for the businesses
Households barter with businesses in exchange for a job to work.
What is the opportunity cost of moving from point A to point B?
50 of good X
35 of Good Y
50 of Good X and 35 of Good Y
What ever is given up by point B
Which point on the curve is an efficient use of resources?
F
D
E
A
Which point on the curve shows impossible production possibilities?
A
D
E
F
An outward shift in the curve shows what?
Economic Growth
Less Production
Less employment
Full Employment
Which of the following cause an outward shift in the curve?
Improved technology
Increasing workers education
Provide greater Job training
spread disease among the workers
With respect to the circular flow model, businesses provide households with which of the following?
taxes and interest
labor and taxes
goods, services, and incomes
public goods and transfer payments
With respect to the circular flow model, businesses provide households with which of the following?
taxes and interest
labor and taxes
goods, services, and incomes
public goods and transfer payments
A volcano erupts in Hawaii that destroys or damages many of the orchards that supply the U.S. with pineapples. What will be the effect on price and quantity of pineapples sold, assuming all else is equal?
Price will rise and quantity will also rise.
Price will drop and quantity will also drop.
Price will drop but quantity will rise.
Price will rise but quantity will drop.
Jordan works for Georgia as a teacher. His labor provides the government with a much-needed service, and they pay him a salary. With his salary, he buys goods from private businesses, and pays taxes to the government. Jordan's economic interdependence with the government and businesses is referred to as
the money flow.
the monetary cycle.
circular flow of economic activity.
economic independence.
In determining the GDP,
A dollar is used as the common measure
The quantity of items produced is added up
The quality of goods is considered
Both new and used goods are included.
