6. Measures of the economic activity of an entire nation would be included in the study of
7. The free-market economy flow model depicts four major interrelated flows: I. Individuals provide economic resources to business firms. II. Firms provide payment to individuals for economic resources. III. Firms provide goods and services to individuals. IV. Individuals provide payment to firms for goods and services.
8. If the cost of imported oil declined suddenly and significantly, which one of the above flows would be most likely to be the first impacted?
9. The free-market economy flow model depicts four major interrelated flows: I. Individuals provide economic resources to business firms. II. Firms provide payment to individuals for economic resources. III. Firms provide goods and services to individuals. IV. Individuals provide payment to firms for goods and services.
10. If financial institutions and businesses suddenly and severely restrict the availability of consumer credit, which one of the above flows would be most likely to be the first to be impacted adversely?
11. Which of the following are considered economic resources?
12. In a free-market economy, which of the following should be the least significant factor in determining resource allocation and use?
13. Which of the following is not a characteristic of a freemarket economy?
14. The demand for a commodity would increase when the price of a
15. When a demand schedule is plotted on a graph, the resulting demand curve will be
16. In the statement " quantity demanded is a function of price," are the variables quantity and price dependent or independent variables?
17. The demand curve for a product reflects which of the following?