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Chapter 2 Thinking Like an Economist

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Question;61. Which two groups of decision makers are included in the simple;circular-flow diagram?;a.;markets;and government;b.;households;and government;c.;firms;and government;d.;households;and firms;62. In the circular-flow diagram, firms produce;a.;goods;and services using factors of production.;b.;output;using inputs.;c.;factors;of production using goods and services.;d.;Both (a);and (b) are correct.;63. Factors of production are;a.;the;mathematical calculations firms make in determining their optimal production;levels.;b.;social;and political conditions that affect production.;c.;the;physical relationships between economic inputs and outputs.;d.;inputs;into the production process.;64. Factors of production are;a.;used to;produce goods and services.;b.;also;called output.;c.;abundant;in most economies.;d.;assumed;to be owned by firms in the circular-flow diagram.;65. In the circular-flow diagram, which of the following is not;a factor of production?;a.;labor;b.;land;c.;capital;d.;money;66. In the circular-flow diagram;a.;firms;own the factors of production.;b.;the;factors of production are labor, land, and capital.;c.;the;factors of production are also called ?output.?;d.;All of;the above are correct.;67. Which of these terms are used interchangeably?;a.;goods;and services" and "inputs;b.;goods;and services" and "factors of production;c.;inputs;and "factors of production;d.;land;labor, and capital" and "goods and services;68. Another term for factors of production is;a.;inputs.;b.;output.;c.;goods.;d.;services.;69. In economics, capital refers to;a.;the;finances necessary for firms to produce their products.;b.;buildings;and machines used in the production process.;c.;the;money households use to purchase firms' output.;d.;stocks;and bonds.;70. A model that shows how dollars flow through markets among;households and firms is called the;a.;production;possibilities frontier.;b.;circular-flow;diagram.;c.;demand;and supply diagram.;d.;comparative;advantage model.

 

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