The circular flow model shows that consumer goods and services produced by business firms are sold through
A) the product market.
B) the factor market.
C) the labour market.
D) the resource market.
12) Which of the following is a final good?
A) seed used for corn
B) wheat used for bread
C) electricity used for producing automobiles
D) a lawn mower purchased by a household
13) Which of the following would most likely be sold in the product market?
A) a new car
B) stocks and bonds
C) iron ore
D) entrepreneurial ability
14) Total output and total income in the simple circular flow model
A) are measures of the economy's level of savings.
B) include only intermediate goods.
C) are equal to each other.
D) are related in the sense that national income is less than national product.
15) The total market value of final goods and services produced in an economy during a one-year period is
A) gross domestic product.
B) net national product.
D) personal income.
16) Which of the following transactions would be included in the calculation of GDP?
A) the purchase of legal services
B) the purchase of a share of stock in General Motors
C) the purchase of wheat to make bread
D) the purchase of a second-hand lawnmower from your friend
17) Which of the following is included in determining GDP?
A) the purchase of a new car
B) the purchase of a used car
C) a housewife preparing breakfast
D) a gardener cans vegetables for consumption during the winter
18) Which of the following is included when measuring GDP?
A) the value of services of durable goods purchased in previous years
B) the value of leisure time
C) the value of services provided by housewives and househusbands
D) the rental income received by a landlord
19) Social Security payments are
A) included in GDP.
B) not included in GDP, but are included in Gross Domestic Income accounts.
C) not included in GDP.
D) not included in GDP, but are included in Net Domestic Product.
20) Goods that are used up entirely in the production of final goods are known as
A) durable goods.
B) value added goods.
C) intermediate goods.
D) consumer goods.
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