Circular Fow

Question 1

What does point A represent on the Circular flow diagram?

Accepted Answer

Product Market

Question 2

The furnace of a coal-burning power plant would be classified as

Accepted Answer

capital

Question 3

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

Accepted Answer

regional specialization

Question 4

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 5

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

Accepted Answer

rent, wages, interest, and profit

Question 6

What do the firms pay out to get capital?

Accepted Answer

Interest

Question 7

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

Accepted Answer

Labor

Question 8

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

Accepted Answer

Factor Market, Product Market, Households, Firms

Question 9

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

Accepted Answer

entrepreneur

Question 10

to achieve economic growth in an economy a country must

Accepted Answer

use resources efficnetly

Question 11

payment for entrepreneurship and capital are called

Accepted Answer

profit and interest

Question 12

the opportunity cost of saving money in a glass jar is

Accepted Answer

the interest given up by putting it in the bank

Question 13

scarcity is...

Accepted Answer

unlimity wants vs limited amount of a resource

Question 14

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

Accepted Answer

price ceiling

Question 15

What does point B represent on the circular flow model?

Accepted Answer

Households

Question 16

which is an example of Human Capital

Accepted Answer

worker training and education

Question 17

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

Accepted Answer

acts as a medium of exchange between buyers and sellers

Question 18

What does point D represent on the Circular flow diagram?

Accepted Answer

Firms

Question 19

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

Accepted Answer

household

Question 20

The flow of goods and services to consumers is illustrated by

Accepted Answer

4-2

Question 21

In economics, the term "scarcity" is defined as a situation in which there

Accepted Answer

are limited resources but unlimited wants and needs

Question 22

a point inside a ppc graph shows

Accepted Answer

inefficentcy

Question 23

what must be present for the fiat money system to work

Accepted Answer

the government must control the money supply

Question 24

which is not one the four themes of economics?

Accepted Answer

demand

Question 25

What does point C represent on the Circular Flow diagram?

Accepted Answer

Factor Market

Circular Fow

Questions 25

Circular Fow

Questions 25