How does the circular-flow model illustrate the role of government in the economy?
Final Econ Review

Quiz
•
Social Studies
•
12th Grade
•
Medium
John Morgan
Used 6+ times
FREE Resource
19 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Government has no role in the model
Government only provides services to households
Government takes taxes from firms and households, and returns money through services and purchases
Government controls all flows of money between firms and households
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement best compares and contrasts free enterprise and socialist economic systems?
Free enterprise allows competition to set prices, while socialist systems have no price mechanisms
Free enterprise has no government involvement, while socialist systems are entirely government-controlled
Free enterprise incentivizes individual choice, while socialist systems aim for wealth redistribution
Free enterprise benefits only business owners, while socialist systems benefit all citizens equally
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Based on the information provided, which of the following strategies would likely be most effective for managing credit card debt?
Using multiple credit cards to spread out debt
Paying only the minimum required monthly payments
Spending freely, assuming future income will cover debts
Spending only what can be repaid and paying more than the minimum monthly payment
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the relationship between price and demand according to the law of demand?
As price increases, demand increases
As price decreases, demand decreases
As price increases, demand decreases
Price and demand have no relationship
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the point on a supply and demand graph where the number of items for sale is the same as the units demanded?
Equilibrium price
Scarcity point
Break-even point
Market saturation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT considered a non-price determinant that can affect demand?
Population density
Regional preferences
Complementary goods
The current price of the good itself
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How might the formation of a corporation impact a business owner's control compared to a sole proprietorship?
The owner gains more control over daily operations
The owner's control remains unchanged
The owner may lose some control as decisions are influenced by shareholders
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