3_answers - USATestprep,Inc Microeconomic Concepts(SSEMI1 Flow Of Goods(SSEMI2 Law Of Demand(SSEMI3 Economic Behavior(SSEMI4 Organization And Role Of

3_answers - USATestprep,Inc Microeconomic Concepts(SSEMI1...

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12/3/2015USATestprep, Inc.1/14Economics EOC Quiz Answer KeyMicroeconomic Concepts - (SSEMI1) Flow Of Goods, (SSEMI2) Law Of Demand, (SSEMI3) Economic Behavior, (SSEMI4) OrganizationAnd Role Of BusinessStudent Name: _______________________Date: _________Teacher Name: Heather CreamerScore: _________1) In the product market,A)productive resources are bought and sold.B)producers sell goods and services to consumers.C)a nation's total output of goods and services increases.D)the amount of output produced by a given amount of inputs is measured.Explanation:As part of the circular flow of economic activity, in the product market, producers sell goods and services to consumers. Productiveresources are bought and sold in the resource market (or factor market).2)According to this diagram showing the circular flow of goods and resources, where do individuals spend the income they earn?3)
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12/3/2015USATestprep, Inc.2/14How do individuals contribute to the circular flow of economic activity?4)The diagram shows the circular flow of goods and resources. What is the primary purpose of this chart?
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