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Circular Flow Assessment

Quiz by Justin Wilcox

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14 questions
Show answers
  • Q1
    What does the Circular Flow Model (matrix) show?

    How much of a product or service is in the market.

    The governments regulations of a free market.

    the interactions between households, businesses, and the government in the free market as well as the flow of money, products and services, and resources in an economy

    How much of a resource is in a market

    30s
  • Q2
    What is the name of the market where products and services are sold by firms and bought by households?

    Super Market

    Resource Market

    Online Market

    Product Market
    30s
  • Q3
    What is the name of the market where resources are bought by businesses and sold by households?
    Resource market (factor market)

    Subsidy market

    Welfare market

    Product market

    30s
  • Q4
    What do households give in exchange for products and resources?

    Resources

    Taxes

    Other products and resources

    Money

    30s
  • Q5
    What do businesses give in exchange for resources?

    Taxes

    Money

    Products and services

    Other resources

    30s
  • Q6
    Are households suppliers, demanders, or both?

    Both

    Suppliers

    Neither

    Demanders

    30s
  • Q7
    Are businesses suppliers, demanders, neither, or both?
    both

    Demanders

    Suppliers

    Neither

    30s
  • Q8
    Who does the government give money to?

    Neither

    Just Households in need

    Businesses and households in need

    Just businesses in need

    30s
  • Q9
    Who gives the government money?

    Neither

    Just businesses

    Just households

    Businesses and Households
    30s
  • Q10
    How does the government receive money?

    Giving subsidies

    Giving Welfare

    Collecting taxes

    The government does not receive money

    30s
  • Q11
    What do households demand?

    Products and services

    Resources

    Taxes

    Subsidies

    30s
  • Q12
    What do households supply?

    Taxes

    Products and services

    Resources

    Subsidies

    30s
  • Q13
    What do businesses demand?

    Taxes

    Subsidies

    Resources

    Products and services

    30s
  • Q14
    What do businesses supply?

    Resources

    Taxes

    Subsidies

    Goods and services
    30s

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