The two most important actors of the economy are:
A. land and capital.
B. households and firms.
C. firms and government.
D. exports and imports.
122.Households are vital to the circular flow model in what two ways?
A. They supply factors of production and purchase goods and services.
B. They export goods and services and import goods and services.
C. They vote for political officers and pay taxes.
D. They facilitate exchange between consumers and firms.
123.Which actor in the circular flow model buys or rents land, labor, and capital?
C. Markets for factors of production
124.Which actor in the circular flow model is on the supply side of the goods market?
C. Markets for factors of production
125.Which actor in the circular flow model is on the supply side of the factor market?
C. Market for goods and services
126.The two flows, or things being exchanged, in the circular flow model are:
A. inputs and outputs.
B. imports and exports.
C. inputs/outputs and money.
D. land and labor.
127.An economic model:
A. exactly explains what happens in the real economy.
B. cuts away unnecessary details to clearly demonstrate the principles at work.
C. approximates all facets of what happens in the real economy.
D. does not make clear assumptions.
128.In order to understand when a model may not be accurate, it is important to:
A. omit details when developing a model.
B. make sure assumptions made in the model are clear.
C. test the model.
D. All of these.
129.An economic model:
A. should describe the real world accurately.
B. should accurately predict cause and effect.
C. should make clear assumptions.
D. All of these are true.
130.Thomas Malthus was an early nineteenth-century economist that created a model describing the relationship between:
A. population growth and war.
B. population growth and birth control.
C. population growth and crime.
D. population growth and food production.
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