C&E 6.1 - Circular Flow, Factors of Production & Basic Econ Questions

Question 1

According to the circular flow model, what to consumers get from producers?

Accepted Answer

wages / salary, Consumer goods

Question 2

Which of the following is an example of entrepreneurship?

Accepted Answer

starting your own food truck

Question 3

According to the circular flow model, what do companies get from consumers?

Accepted Answer

money / profits, Labor

Question 4

Which of the following are examples of capital goods?

Accepted Answer

printing press, bull dozer

Question 5

Which of the following is an example of labor?

Accepted Answer

sewing a T-shirt for Nike, picking beans on a farm, teaching a class

Question 6

The basic economic questions are: 1) what to produce; 2) ___; and 3) how to decide who gets it

Accepted Answer

how to produce it

Question 7

Which of the following is an example of land?

Accepted Answer

the water in a water bottle

Question 8

Which of the following is an example of Capital?

Accepted Answer

money invested in the stock market, a factory

Questions 8