Circular Flow Model: Three Market Economy

10 Questions | Total Attempts: 466

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Circular Flow Model: Three Market Economy - Quiz

This online quiz will examine the amount of information you were able to learn and in doing so help me judge my own teaching strategy. This quiz is multiple choice and there is no time limit, however, you only get one chance to take it and I will use that score as your grade. Be careful and do your best.


Questions and Answers
  • 1. 
    According to the Circular Flow Model, there are how many sectors and markets within the economy?
    • A. 

      2 sectors: 2 markets

    • B. 

      3 sectors: 2 markets

    • C. 

      3 sectors: 3 markets

    • D. 

      2 sectors: 3 markets

    • E. 

      None of the above

  • 2. 
    What are the names of the two Sectors according to the circular flow of the economy?
    • A. 

      Household, Financial

    • B. 

      Financial, Business

    • C. 

      Business, Household

    • D. 

      Household, Product

  • 3. 
    Name the Three Markets within the economy?
    • A. 

      Bull, Bear, Product

    • B. 

      Product, Product Resource, Financial

    • C. 

      Financial, Household, Product

    • D. 

      Business, Product, Product Resource

  • 4. 
    What is the function of the Financial Market?
    • A. 

      Exchange the commodity known as legal claims

    • B. 

      Combine the economy's resources, known as the factors of production

    • C. 

      Supply goods and services

  • 5. 
    What are the foremost examples of a Product Resource's factors of production?
    • A. 

      Labor, Land, Coporations, Money lending

    • B. 

      Labor, Land, Capital, Entrepeneurship

    • C. 

      Capital, Money Lending, Land, Entrepeneurship

  • 6. 
    What is the function of the Product Market?
    • A. 

      Provide the combination of all goods and services

    • B. 

      Exchange the commodity known as legal claims

    • C. 

      Combine the economy's resources, known as the factors of production

  • 7. 
    What is an example of the Business sector of the economy?
    • A. 

      Corporations

    • B. 

      Services

    • C. 

      Money Lenders

  • 8. 
    The mass of people who invest revenue within the economy are known as?
    • A. 

      Brokers

    • B. 

      Bankers

    • C. 

      Consumers

  • 9. 
    The image design for which the three markets are expressed is called what?
    • A. 

      Government Chain

    • B. 

      Economic Tree

    • C. 

      Circular Flow Model

    • D. 

      Circular Tree Method

  • 10. 
    Bonus - Fill in the blank: ______ are household sector income that is diverted to the government sector.
    • A. 

      Taxes

    • B. 

      Bonds

    • C. 

      Products

    • D. 

      Revenue sales

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