Foundations of Econ - Circular Flow

Question 1

In return, what do businesses give to households and individuals?

Accepted Answer

Income

Question 2

Which of the following is NOT one of the 3 key economic questions?

Accepted Answer

Where will the goods be produced?

Question 3

Which part of the circular flow diagram: Michael does market research for a large company.

Accepted Answer

4

Question 4

Which of the following is not a result of competition?

Accepted Answer

Lower Wages

Question 5

A ______________ resource includes goods that can be used as resources for further production.

Accepted Answer

Capital

Question 6

Pizza Hut relies on the U.S. Postal Service to deliver their monthly coupons.

Accepted Answer

2

Question 7

Economists call those who received the benefits of a good without paying for it _________

Accepted Answer

A free rider

Question 8

This is an economic unit of one person or more who sells resources and buys goods and services.

Accepted Answer

Household

Question 9

Economics would not exist if it wasn't for

Accepted Answer

Scarcity

Question 10

Which of the following is a PUBLIC good?

Accepted Answer

Library

Question 11

What do households/individuals provide to businesses?

Accepted Answer

Labor & resources

Question 12

What are households/individuals hoping to gain when visiting businesses?

Accepted Answer

Goods and services

Question 13

Which part of the circular flow diagram: You drive on U.S. 19 to get to the mall.

Accepted Answer

3

Question 14

The way all of the country’s income is divided among groups of earners refers to...

Accepted Answer

Income Distribution

Question 15

This is the study of small economic units such as an individual or single business firm

Accepted Answer

Microeconomics

Question 16

Which part of the circular flow diagram: Mackenzie bought a MacBook on Black Friday.

Accepted Answer

1

Questions 16