WorksheetsCircular Flow and Currency Review
Total questions: 20
Worksheet time: 11mins
Which of the following are examples of goods as opposed to services?
tees, golf lesson, golf shoes
tennis lesson, golf lesson, hair cut
tees, golf shoes, tennis racket
tennis lesson, golf lesson, tennis racket
What does #3 represent?
(drawing on board)
government
business
individual
resource market
Entrepreneurs are primarily motivated by __________
rent
wages
interest
profit
In the circular flow model households sell labor to firms in exchange for
rent
wages
interest
profit
In the Circular Flow, what flows from the government to households and businesses?
rent
wages
taxes
public service
What do numbers 7, 8, 9, and 10 represent?
(picture on board)
Wages, rent, dividends and profit
Land, labor, capital, and entrepreneurship
goods and services
Fire and police departments, infrastructure and public services
The Circular Flow of the Economy ___________________
Demonstrates how money moves through the government.
Demonstrates how money moves through the factor market
Demonstrates how money moves through the household market
Demonstrates how money moves through the economy.
Goods and services are exchanged in the _____________
Product market
Factor market
Resource market
free market
In a market economy, resources are owned by households. Individuals in households take their resources to the __________
Product market
Goods and Services market
Factor market
None of the above
Land, labor, capital and entrepreneurship are _________
Natural resources
Government production
Public production
Factors of production
Zach has a landscaping business. Some of his profit will be used in procuring capital for the business. (a)
true
false
Consumers vote with their money and tell businesses what to produce. What is this called? (a)
Consumer Sovereignty
Circular Flow
Economic Sovereignty
Government Sovereignty
What happens when members of households go to the factor market and do not have skills that anyone wants to pay for?
A recession occurs
Unemployment occurs
Full employment occurs
Production occurs
Identify numbers 11, 12, 13 and 14.
(picture on board)
Land, labor, resources and entrepreneurship
Land, products, capital and entrepreneurship
Land, labor, capital and entrepreneurship
Land, labor, capital and government
Public Service
Police
Factor of Production
Labor
Good
car
Service
waitress
What does the top arrow, #4 represent?
(picture on board)
Wages
Products and services
Goods and services
Consumer spending
What do numbers 1 and 2 represent?
(picture on board)
Households and Business
Goods and Service
Government and Busines
Households and Governement
What act allowed us to print representative money for the gold in the US treasury?
The US coin act of 1723
The Treasury Bill of 2022
The Dollar Act of 1850
The Gold Standard Act of 1900
___________ money is when the declare the currency "legal tender" by the government
representative
fiat
digital
commodity
What is the optimum level of inflation a country should experience?
above 50%
0%
1 - 3%
10%
