25 May A) clockwise and capital flows counterclockwise.
Question
131. Assume that rents flow clockwise in a circular economic flow diagram. This implies that land flows:
A) clockwise and capital flows counterclockwise.
B) clockwise and profits flow counterclockwise.
C) counterclockwise and capital flows clockwise.
D) counterclockwise and profits flow clockwise.
132. If goods and services flow clockwise in a circular economic flow diagram, then consumption expenditures flow:
A) clockwise and revenues flow clockwise.
B) clockwise and revenues flow counterclockwise.
C) counterclockwise and revenues flow clockwise.
D) counterclockwise and revenues flow counterclockwise.
133. In the circular economic flow diagram, households:
A) make consumption expenditures and pay for land, labor, and capital.
B) make consumption expenditures and receive goods and services.
C) buy resources and receive goods and services.
D) receive revenue and supply resources.
Consider This Questions
134. Limiting purchases of goods and services to one specific nation, state within a nation, or city within a state is most likely to:
A) lower prices.
B) increase the specialization of labor.
C) expand the economic wealth of nations.
D) make people worse off because there is less trade.
135. In 1999, McDonald’s introduced the “Big Xtra” and it turned out to be successful product. In the marketplace for fast-food products, this success would be an example of:
A) derived demand.
B) medium of exchange.
C) consumer sovereignty.
D) roundabout production.
136. In 1997, McDonald’s introduced the “55-cent special.” It turned out to be an unsuccessful product. In the marketplace for fast-food products, this lack of success would be an example of:
A) normal profit.
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