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Circular Flow Quiz!

Total questions: 50

Worksheet time: 22mins

Name
Class
Date
1.

Businesses provide government with...

a)

taxes

b)

sales

c)

private goods & services

d)

interest

2.

In terms of resources, what do households provide for businesses?

a)

loans

b)

savings

c)

labor

d)

private goods

3.

What are the four main parts of the circular flow diagram?

a)

Product Market, Stock Market, Factor Market, Fish Market

b)

Product Market, House Market, Factor Market, Good Market

c)

Factor Market, Product Market, Households, Businesses

d)

Factor Market, households, Stock Market, super market

4.

Where are factors of production (land, labor, etc) exchanged in the circular flow model?

a)

Resource Market

b)

Product Market

c)

Firms

d)

Individuals

5.

Where do factors of production (land, labor, etc) come from in the circular flow model?

a)

Factor Market

b)

Product Market

c)

Firms

d)

Individuals

6.

Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circuclar flow model?

a)

Product Market

b)

Factor Market

c)

Firms

d)

Individuals

7.

Money exchanged between an individual and a store for a good or service.

a)

Revenue

b)

Wages

c)

Rent

d)

Donation

8.

Do business supply or demand from the product market?

a)

Supply

b)

Demand

c)

Neither

d)

Both

9.

Do individuals supply or demand from the product market?

a)

Supply

b)

Demand

c)

Both

d)

Neither

10.
Businesses provide government with...
a)
taxes
b)
sales
c)
private goods & services
d)
interest
11.
What do governments provide for the market?
a)
private goods & services
b)
public goods & services
12.
In terms of resources, what do households provide for businesses?
a)
loans
b)
savings
c)
labor
d)
private goods
13.
In terms of resources, what do businesses provide for households?
a)
income
b)
sales
c)
taxes
d)
private goods
14.
In the circular flow model, the product market describes _____.
a)
stores that sell goods and services to households
b)
the government paying for public goods
c)
households selling their labor to businesses
d)
households receive income from businesses
15.
In this market, businesses buy resources they need to produce goods and services.
a)
factor market
b)
stores
c)
product market
d)
 businesses
16.

What do households provide to the resource market?

a)

land, labor, capital, and entrepreneurship

b)

money

c)

people

d)

income

17.
What do businesses provide for consumers according to the circular flow model?
a)
goods and services
b)
only goods
c)
only services
d)
taxes
18.
IN the picture, what should replace Z?
a)
Factor Market
b)
Firms
c)
Product Market
d)
Consumers
19.
In the picture, what should replace W?
a)
Factor Market
b)
Product Market
c)
Consumers
d)
Firms
20.
Look at the picture.  What should replace Y?
a)
Consumers
b)
Firms
c)
Factors
d)
Revenue
21.

What does government provide with the revenue it takes in from taxes?

a)

Headaches

b)

Public goods and services

c)

More Congressmen

d)

Greater control of the media

22.
In the products market
a)
firms buy goods and services from households
b)
firms sell goods and services to households
c)
firms sell resources to households
d)
firms buy resources from households
23.
Which statement is true about the circular flow diagram?
a)
A  Households are demanders in the product market and suppliers in the factor market
b)
A  Business are demanders in the product market and suppliers in the factor market.
c)
A  Households are demanders in the factor market and suppliers in the product market.
d)
 A  Businesses and households are not components of the circular flow diagram.
24.
Place where buyers and sellers meet to exchange goods and services for money
a)
Market
b)
Factor of production
c)
Money
d)
Interdependent
25.
Which term belongs in the empty box near the bottom of the picture?
a)
Government
b)
Resource market
c)
taxes
d)
goods and services
26.

The missing label in the CFI diagram is...?

a)

Government Sector

b)

Financial Sector

c)

Households

d)

Firms

27.

This diagram is called a:

a)

Production Possibilities Curve

b)

Supply and Demand Curve

c)

Circular Flow Model

d)

Circular Motion Equation

28.

This circular flow model would be for a __________ economy

a)

Traditional

b)

Planned/Command

c)

Free Market

d)

Mixed Economy

29.

This circular flow model would be for a __________ economy

a)

Traditional

b)

Planned/Command

c)

Free Market

d)

Mixed Economy

30.

1. Which statement best explains the roles of businesses and households in the Resource (factor) market?

a)

Households sell resources, while businesses buy resources.

b)

Households buy resources, while businesses sell resources.

c)

Both households and businesses buy resources.

d)

Both households and businesses sell resources.

31.

Point B represents

a)

Product Market

b)

Factor Market

c)

Individuals

d)

Businesses

32.

What does point A represent on the Circular flow diagram?

a)

Households

b)

Businesses

c)

Factor Market

d)

Product Market

33.

Weston purchases a new car from a Toyota dealer, in the Circular Flow Diagram, Toyota would be an example of:

a)

a household participating in the resource market

b)

a household participating in the product market

c)

a government participating in the product market

d)

a business participating in the resource market

e)

a business participating the product market

34.

Which letter represents the part of the circular flow diagram where personal income would be located?

a)

A

b)

B

c)

C

d)

D

35.

Which of the following is the BEST example of a product market transaction?

a)

Cindy provides labor at her part-time job at a grocery store bakery.

b)

Cindy gets ingredients at the grocery store to make cookies for her family.

c)

Cindy gives her manager cookies as a thank you for giving her time off for a family vacation.

d)

Cindy gets ingredients at the grocery store to make cookies for her home-based catering business.

36.

Beyoncé ships and sells her Blu Ivy Park collection at a high-end department store

(a)  

37.

Chick-fil-a hires 2 new cooks.

(a)  

38.

Marie, a recent graduate from the University of Central Florida applies for jobs as social worker

(a)  

39.

Mr. McConnell spent over a $100 during the month on Chipotle.

(a)  

40.

Jordon earns $15 per hour from his job at McDonald's.

(a)  

41.

Destiny received her prom dress from Dillard's.

(a)  

42.

Rashad received $50 from candy sells over the past week.

(a)  

43.

In the circular flow diagram below:

a)

Money flows counterclockwise

b)

Resources flow counterclockwise

c)

Goods and services flow clockwise

d)

Households are on the side of the product market

44.

In the circular flow diagram below:

a)

Households spend income in the product market

b)

Firms sell resources to households

c)

Households receive income through the product market

d)

Households produce goods

45.

In the circular flow diagram below: The flow of goods and services to consumers occurs in which of the following markets

a)

Product Market

b)

Resource (Factor) Market

46.

In the circular flow diagram below: The flow of productive resources to businesses occurs in which of the following markets

a)

Product Market

b)

Resource (Factor) Market

47.

Consumer goods and services are bought in which of the following markets?

a)

Goods market

b)

Service market

c)

Product Market

d)

Resource Market

48.

The means by which buyers and sellers carry out exchange. By bringing together the two sides of exchange, supply and demand, _____?______determine price and quantity.

a)

Market

b)

Product Market

c)

Resource Market

d)

Productive Market

49.
Which of the following is NOT a factor of production?
a)
land
b)
labor
c)
capital
d)
goods and services
50.

Select the pairs with the correct answer. Resource - Income

a)

Land-Rent

b)

Labor-Wage

c)

Capital-Profit

d)

Entrepreneur-Profit

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