Circular flow model - Study guides, Class notes & Summaries

EOPA Entrepreneurship Study Set Questions & Answers, 100% Accurate. multiple choice/60 questions/online/no time limit/70% or higher gains certificate/you may use a calculator - -what is the format of the exam? intellectual property - -a work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc. aptitude - -natural ability to do a particular type of work or activity ...

ECO 201 Chapters 1,2,3,6,7,8,9,16,20 Questions and Answers 100% Pass Macroeconomics primarily examines: Start of Chapter 1 - broad issues such as national output, employment and inflation. In which of the following countries will the national government have the greatest influence with respect to the nation's economy? - Cuba The two main tools of macroeconomic policy are monetary policy and fiscal policy. Fiscal policy involves __________ spending. - government Because of their relati...

TEXES-Social Studies UPDATED Questions and CORRECT Answers Opportunity costs - CORRECT ANSWER - Loss of potential gain from other alernatives when one alternative is chosen Scarcity - CORRECT ANSWER - Unlimited wants but limited resources Circular flow model - CORRECT ANSWER - Defines the interactions & similarity between the households and the firms in the free market

In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market. - ANSWER product; resource Which of the following is a positive statement? - ANSWER The temperature is 92 degrees today. Refer to the diagram. Flow 1 represents - ANSWER wage, rent, interest, and profit income.D The two basic markets shown by the simple circular flow model are - ANSWER product and resource. The four factors of production are - ANSWER land, la...

absolute advantage ~~> the advantage gained when a country's per-unit production cost is lower than that of other countries acceptability ~~> the property of a good or service being universally acceptable in an economy allocation of resources ~~> the distribution of available resources according to the demands and needs of society appreciation ~~> an increase in a currency's value Asia-Pacific Economic Cooperation (APEC) ~~> an economic forum with 21 mem...

ECO 201 Exam 1|409 Questions with Verified Answers Scarcity - CORRECT ANSWER refers to the inherently limited nature of society's resources, given society's unlimited wants and needs economics - CORRECT ANSWER the study of how individuals and societies allocate their limited resources to satisfy their unlimited wants microeconomics - CORRECT ANSWER the study of the individual units that make up the economy macroeconomics - CORRECT ANSWER the study of the overall aspects and wor...

Which of the following changes results from a decrease in an economy's disposable income? A rightward shift of the consumption function An upward movement along the consumption function A leftward shift of the consumption function A downward movement along the consumption function correct answers A downward movement along the consumption function Which of the following is considered a leakage in the circular flow model? Business spending Total exports Investment spending Househol...

2 THINKING LIKE AN ECONOMIST WHAT’S NEW IN THE FIFTH EDITION? A new In The News box, “Environmental Economists” replaces the old “Why Should You Study Economics” box. LEARNING OBJECTIVES By the end of this chapter, students should understand:  how economists apply the methods of science.  how assumptions and models can shed light on the world.  two simple models—the circular flow and the production possibilities frontier.  the difference between microeconomics...

Economists play two roles: 1. Scientists: try to explain the world 2. Policy advisors: try to improve it Model: a highly simplified representation of a more complicated reality. Economists use models to study economic issues. Examples of Models Road Map, Model of Human in A&P, Model Airplane The Circular-Flow Diagram: Two types of actors? Two types of Markets? a visual model of the economy, shows how dollars flow through markets among households and firms Actors: Households & Firms ...

GDP is officially measured by adding together the... correct answers ...market value of all final goods and services produced within the borders of a nation Which of the following items is included in the calculation of GDP? correct answers None (not purchase of apple stock, purchase of used car, value of homemakers services, or sale of gulf war military surplus) Which of the following expenditures would not be included in GDP? correct answers Purchase of silver cup previously sold new in...