2023 Economics 372 Assignment 1 1 In the circular flow model the business sector | Assignments Online
2023 Economics 372 Assignment 1 1 In the circular flow model the business sector | Assignments Online
Assignments Online 2023 Business Finance
Economics 372 Assignment 1
___ 1. In the circular flow model, the business sector _____ goods and services in _____ markets.
a. demands; product c. supplies; product
b. demands; resource d. supplies; resource
___ 2. In the circular flow model, the household sector _____ goods and services in _____ markets.
a. demands; product c. supplies; product
b. demands; resource d. supplies; resource
___ 3. In the circular flow model, the business sector _____ the factors of production (inputs) in _____ markets.
a. demands; product c. supplies; product
b. demands; resource d. supplies; resource
___ 4. In the circular flow model, the household sector _____ the factors of production (inputs) in _____ markets.
a. demands; product c. supplies; product
b. demands; resource d. supplies; resource
___ 5. Which of the following would best explain an increase in the demand for jeans?
a. A decrease in income, assuming jeans are normal goods
b. A decrease in the popularity of jeans
c. An increase in the number of schools that allow students to wear jeans
d. A decrease in the price of jeans
Use the data below to answer questions 6 – 7:
Consumption Expenditures (C) $12,100 billion
Investment Expenditures (I) $2,800 billion
Government Expenditures (G) $3,200 billion
Exports (EX) $2,500 billion
Imports (IM) $2,760 billion
Depreciation $2,200 billion
___ 6. Gross Domestic Product (GDP) is equal to ________.
a. $22,800 billion c. $25,560 billion
b. $19,760 billion d. $17,840 billion
___ 7. Net exports are equal to __________.
a. $5,260 billion c. –$260 billion
b. – $560 billion d. $2,500 billion
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