ECON 201 Principles of Macroeconomics Quiz 1 2017

1. The circular flow diagram of economic activity is a model of the: a. interaction among taxes, prices, and profits. b. flow of goods, services, and payments between households and firms. c. role of unions and government in the economy. d. influence of government on business behaviour. 2. In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of: a. all consumers. b. buyers and sellers. c. producers and input suppliers. d. producers and gov...

1. The circular flow diagram of economic activity is a model of the: a. interaction among taxes, prices, and profits. b. flow of goods, services, and payments between households and firms. c. role of unions and government in the economy. d. influence of government on business behaviour. 2. In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of: a. all consumers. b. buyers and sellers. c. producers and input suppliers. d. producers and gov...