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Chapter 2 Thinking Like an Economist

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Question;71. In the simple circular-flow diagram, households;a.;are the;only decision makers.;b.;own the;factors of production.;c.;are;buyers of inputs.;d.;consume;only some of the goods and services that firms produce.;72. In the simple circular-flow diagram;a.;households;own the factors of production.;b.;households;buy all the goods and services that firms produce.;c.;land;labor, and capital flow from households to firms.;d.;All of;the above are correct.;73. In the simple circular-flow diagram, who consumes the goods and;services that firms produce?;a.;households;only;b.;firms;only;c.;both;households and firms;d.;neither;households nor firms;74. The simple circular-flow diagram is a model that includes only some;key players in the real economy. Which;of the following key players are omitted from the simple circular-flow model?;a.;Households;b.;Firms;c.;Government;d.;Markets;for Factors of Production;75. In the circular-flow diagram, another name for goods and services;produced by firms is;a.;factors;of production.;b.;output.;c.;inputs.;d.;resources.;76. Which markets are represented in the simple circular-flow diagram?;a.;markets;for goods and services and markets for financial assets;b.;markets;for factors of production and markets for financial assets;c.;markets;for goods and services and markets for factors of production;d.;markets;for goods and services and markets for imports and exports;77. In the markets for goods and services in the circular-flow diagram;a.;households;and firms are both buyers.;b.;households;and firms are both sellers.;c.;households;are buyers and firms are sellers.;d.;households;are sellers and firms are buyers.;78. In the circular-flow diagram, in the markets for;a.;goods;and services, households and firms are both sellers.;b.;goods;and services, households are buyers and firms are sellers.;c.;the;factors of production, households are buyers and firms are sellers.;d.;the;factors of production, households and firms are both buyers.;79. In the circular-flow diagram, in the markets for;a.;goods;and services, households and firms are both sellers.;b.;goods;and services, households are sellers and firms are buyers.;c.;the;factors of production, households are sellers and firms are buyers.;d.;the;factors of production, households and firms are both buyers.;80. In the markets for goods and services in the circular-flow diagram;a.;households;provide firms with savings for investment.;b.;households;provide firms with labor, land, and capital.;c.;firms;provide households with output.;d.;firms;provide households with profit.

 

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