ECON 201 Study Guide - Quiz Guide: Microeconomics, Planned Economy, Macroeconomics

• School: University of Maryland
• Department: Economics
• Course: ECON 201
• Professor: All

Document Summary

Written: jul 9, 2017 9:30 pm - jul 9, 2017 10:19 pm. The circular flow diagram of economic activity is a model of the: Question 2 a) influence of government on business behaviour. b) role of unions and government in the economy. c) interaction among taxes, prices, and profits. d) flow of goods, services, and payments between households and firms. Questi on 3 a) a market-oriented economy b) a command economy c) government laws and rules d) the microeconomy. Questi on 4 a) households b) the division of labor c) unemployed people d) business firms. Which of the following best characterizes the circular flow of income? a) households buy factors of production from businesses, and businesses buy goods and services from households. b) Businesses buy resources from households, and households use their income from the sale of resources to buy goods and services from businesses. c)