micro review

Question 1

If Chic-fil-a coated their nuggets in diesel fuel what would happen to the demand and the curve

Accepted Answer

decrease shift left

Question 2

Which part of the Circular flow model do the factors of production fall under?

Accepted Answer

household

Question 3

to build a new skyscraper, Business INC hires workers, rents land, buy equipment, what is B INC

Accepted Answer

entrepreneur

Question 4

The flow of goods and services to consumers is illustrated by

Accepted Answer

4-2

Question 5

In the circular flow diagram firms pay wages for which factor of production?

Accepted Answer

Labor

Question 6

what is the role of money in the U.S.

Accepted Answer

acts as a medium of exchange between buyers and sellers

Question 7

when governments establish a maximum price in which people can charge for rent is

Accepted Answer

price ceiling

Question 8

when the government enacts a price ceiling on a good or service, what is the outcome

Accepted Answer

shortage

Question 9

What does point C represent on the Circular Flow diagram?

Accepted Answer

Factor Market

Question 10

the payment of land, labor, capital, and entrepreneural ability, respectively are...

Accepted Answer

rent, wages, interest, and profit

Question 11

Idaho grows potatoes, while Georgia grows peaches what does this represent

Accepted Answer

regional specialization

Question 12

What does point B represent on the circular flow model?

Accepted Answer

Households

Question 13

What does point D represent on the Circular flow diagram?

Accepted Answer

Firms

Question 14

Since it is the Christmas season, what will happen to the supply of Christmas candy?

Accepted Answer

the supply will increase and shift right

Question 15

What does point A represent on the Circular flow diagram?

Accepted Answer

Product Market

Question 16

If the U.S. gov. buys a submarine from a company, the gov. has made a major transaction in the

Accepted Answer

product market

Question 17

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

Accepted Answer

Factor Market, Product Market, Households, Firms

Question 18

payment for entrepreneurship and capital are called

Accepted Answer

profit and interest

Question 19

which is an example of Human Capital

Accepted Answer

worker training and education

Questions 19