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Home / Questions / In the circular flow model of the economy, the resource market is where a.consumers purch

In the circular flow model of the economy, the resource market is where a.consumers purch

In the circular flow model of the economy, the resource market is where

a.consumers purchase consumer goods and services

b.firms purchase goods and services

c.consumers supply goods and services

d.firms purchase labor, land, and capital

e.consumers purchase labor and capital

22.Which of the following activities would occur in a resource market?

a.Reesa buys a new computer to help balance her personal checkbook.

b.Randy pays a speeding ticket.

c.Ian mows his grass.

d.Pam buys a ticket to the ball game.

e.General Motors hires additional workers to run a third shift at its Flint, Michigan, factory.

23.Which of the following activities would occur in the product market?

a.Harry mows his grass.

b.General Motors hires additional workers to run a third shift at the factory.

c.Sam pays a speeding ticket.

d.Dolly buys a ticket to the ball game.

e.Jane bakes a pie for Thanksgiving dinner.

24.The four sources of income for the household are

a.taxes, subsidies, imports, interest

b.taxes, interest, rent, rebates

c.interest, rebates, rent, taxes

d.wages, taxes, imports, interest

e.wages, rent, interest, profits

25.Which of the following correctly matches the income payment with the resource?

a.rent–land; wages–labor; interest–capital; profits–entrepreneurship

b.profits–land; wages–labor; rent–capital; interest–entrepreneurship

c.taxes–land; interest–labor; rent–capital; profits–entrepreneurship

d.interest–land; taxes–labor; interest–capital; rent–entrepreneurship

e.rent–capital; profits–labor; wages–land; interest–entrepreneurship

26.Households purchase goods and services in the

a.market resource

b.labor market

c.capital market

d.product market

e.circular market

27.A firm is an organization that produces

a.only goods for sale to households

b.only services for sale to households

c.goods and services for sale to households and businesses

d.only goods for sale to other businesses

e.only resources

28.Which of the following would be of particular interest to a microeconomist?

a.amount of fruit the typical household consumes

b.nation’s inflation rate

c.nation’s rate of unemployment

d.budget of the national government

e.growth rate of the economy

29.The basic difference between microeconomics and macroeconomics is that

a.microeconomics is concerned with the domestic economy, while macroeconomics is concerned only with the international economy

b.microeconomics examines the individual units of the economy, while macroeconomics studies the whole economy

c.microeconomics studies the actions of households, while macroeconomics studies the actions of business firms

d.microeconomics studies the economy in terms of private individuals and firms, while macroeconomics includes the effect of government

e.microeconomics examines the whole economy, while macroeconomics studies the individual units of the economy

30.A positive economic statement concerns

a.an opinion on an economic issue that should be taken

b.an economic activity that has a positive effect on the economy

c.a statement of fact

d.a macroeconomic issue or position

e.a microeconomic issue or position

Dec 13 2019 View more View Less

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