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1、Name: _ Date: _1.The circular flow model shows that households use income for:A)consumption, saving, and factor payments.B)consumption, taxes, and factor payments.C)taxes, saving, and factor payments.D)consumption, taxes, and saving.2.In the circular flow diagram, firms receive revenue from the _ ma
2、rket, which is used to purchase inputs in the _ market.A)goods; financialB)factor; financialC)goods; factorD)factor; goods3.In the circular flow model, households receive income from the _ market and save through the _ market.A)goods; financialB)factor; financialC)goods; factorD)factor; goods4.In th
3、e long run, the level of national income in an economy is determined by its:A)factors of production and production function.B)real and nominal interest rate.C)government budget surplus or deficit.D)rate of economic and accounting profit.5.An economys factors of production and its production function
4、 determine the economys:A)labor force participation rate.B)budget surplus or deficit.C)population growth rate.D)output of goods and services.6.In the long run, what determines the level of total production of goods and services in an economy?A)the interest rate and the amount of national savingB)the
5、 quantity of capital, quantity of labor, and production technologyC)consumption, investment, and government spendingD)the marginal products of capital and labor, constant returns to scale, and competition7.The two most important factors of production are:A)goods and services.B)labor and energy.C)cap
6、ital and labor.D)saving and investment.8.Unlike the real world, the classical model with fixed output assumes that:A)all factors of production are fully utilized.B)all capital is fully utilized but some labor is unemployed.C)all labor is fully employed but some capital lies idle.D)some capital lies
7、idle and some labor is unemployed.9.A production function is a technological relationship between:A)factor prices and the marginal product of factors.B)factors of production and factor prices.C)factors of production and the quantity of output produced.D)factor prices and the quantity of output produ
8、ced.10.The production function feature called “constant returns to scale” means that if we:A)multiply capital by z1 and labor by z2, we multiply output by z3.B)increase capital and labor by 10 percent each, we increase output by 10 percent.C)increase capital and labor by 5 percent each, we increase
9、output by 10 percent.D)increase capital by 10 percent and increase labor by 5 percent, we increase output by 7.5 percent.11.If an increase of an equal percentage in all factors of production results in an increase in output of the same percentage, then a production function has the property called:A
10、)constant marginal product of labor.B)increasing marginal product of labor.C)constant returns to scale.D)increasing returns to scale.12.If bread is produced by using a constant returns to scale production function, then if the:A)number of workers is doubled, twice as much bread will be produced.B)am
11、ount of equipment is doubled, twice as much bread will be produced.C)amounts of equipment and workers are both doubled, twice as much bread will be produced.D)amounts of equipment and workers are both doubled, four times as much bread will be produced.13.At any particular point in time, the output o
12、f the economy:A)is fixed because the supplies of capital and labor and the technology are fixed.B)is fixed because the demand for goods and services is fixed.C)varies because the supplies of capital and labor vary.D)varies because the technology for turning capital and labor into goods and services
13、varies.14.The neoclassical theory of distribution:A)was developed by Karl Marx.B)is rejected by most economists today.C)shows that the national income of an economy is not equal to total output.D)is a theory of how national income is divided among the factors of production.15.The price received by e
14、ach factor of production for its services is determined by:A)demand for output and supply of factors.B)demand for factors and supply of output.C)demand and supply of output.D)demand and supply of factors.16.When factor supply is fixed and quantity of the factor is graphed on the horizontal axis whil
15、e factor price is graphed on the vertical axis, the factor:A)supply curve is horizontal.B)supply curve is vertical.C)supply curve slopes up to the right.D)demand curve slopes up to the right.17.A competitive firm:A)is small relative to the market in which it trades.B)has to charge a lower price when it wants to sell more goods.C)has sever
