Question : 21) In the goods market, firms ________ and households ________. A) : 1228109

 

 

21) In the goods market, firms ________ and households ________.

A) purchase goods and services; supply goods and services

B) supply land, labor, capital, and entrepreneurship services; hire land, labor, capital, and entrepreneurship services

C) pay rent, wages, interest, and profit:; earn rent, wages, interest, and profit

D) supply goods and services; purchase goods and services

E) hire land, labor, capital, and entrepreneurship services; supply goods and services

 

22) In the factor market, firms ________ and households ________.

A) hire land, labor, capital, and entrepreneurship services; purchase goods and services

B) supply land, labor, capital, and entrepreneurship services; hire land, labor, capital, and entrepreneurship services

C) pay rent, wages, interest, and profit; earn rent, wages, interest, and profit

D) purchase goods and services; supply goods and services

E) supply goods and services; purchase goods and services

 

23) In the circular flow model, which of the following flows in the opposite direction from the flow of factors of production?

A) finished goods and services

B) wages, rent, interest, and profit

C) interests payments of Federal, state, and local governments

D) firm’s profit incentives

E) the goods market

24) Terri is enrolled in her first economics course. She is required to give a presentation about the circular flow. Which of the following statements should she include in her presentation?

A) Households choose the amount of the factors of production to provide the firms.

B) Firms choose the amount of the factors of production to provide households.

C) Households receive wages for the amount of entrepreneurship they provide firms.

D) Firms pay wages for the amount of entrepreneurship they provide households.

E) The flows of goods and services and payments for the goods and services flow in the same direction.

 

25) Aaron locked himself out of his house and had to pay $40 to Brianna, who works for Lucky Locksmith, to open his door. Based on this transaction in the economy and using concepts from the circular flow model, which of the following is true?

A) Brianna earned income from supplying her labor services.

B) Aaron earned income from supplying his labor services.

C) Brianna purchased goods and services.

D) Aaron acted as a firm in this transaction.

E) Aaron supplied goods and services.

 

26) In the circular flow model,

A) the government is represented as a separate market.

B) the government buys goods and services from firms.

C) goods and services are sold by households and purchased by firms.

D) factor markets are where goods rather than services are bought and sold.

E) the government has no direct interaction with either households or firms.

27) In the circular flow model with the government sector, transfers

A) flow in the same direction as do taxes.

B) flow in the opposite direction as do taxes.

C) to households flow in the same direction as do expenditures on goods and services.

D) to firms flow in the same direction as do rent, wages, interest, and profits.

E) flow only through the goods market.

 

28) In the circular flow model with the government sector, taxes

A) flow in the opposite direction as do transfers.

B) flow in the same direction as do transfers.

C) on households flow in the same direction as do the goods and services.

D) on firms flow in the same direction as do factors of production.

E) flow from the goods market to the factor markets.

 

29) Which of the following is NOT shown explicitly in the circular flow model?

A) the governments’ purchases in the goods market

B) the taxes the governments collect from households

C) the governments’ interaction with firms

D) the legal system

E) the transfers the governments make to households

 

30) Which of the following is a function of the U.S. federal government?

A) providing the legal and social framework for economic activity

B) distributing private goods and services

C) deciding for whom firms should produce goods and services

D) deciding how much to produce of private goods and services

E) determining what wages firms will pay their workers.

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more