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Economy Key Participants and Circular Flow Model

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Economy Key Participants and Circular Flow Model

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Questions and Answers

What do households provide to the economy in the circular flow model?

Labor, land, and capital (correct)

Goods and services

Taxes

Loans

What do firms receive in return for hiring labor, buying resources, and paying for them?

Profits

Both b and c (correct)

Goods and services

Wages, rent, and interest

What does the government provide to the economy?

Loans

Public goods and services (correct)

Imports

Wages

What do financial sectors do in the economy?

Provide loans to households and firms Signup and view all the answers

What is import payment in the overseas sector?

Buying products from other countries Signup and view all the answers

What is export income in the overseas sector?

Selling goods to other countries Signup and view all the answers

Which of the following is NOT one of Australia's top 5 export destinations?

Canada Signup and view all the answers

Which of the following is NOT included in Australia's top 5 export items?

Wheat Signup and view all the answers

Which of the following is an example of a free trade agreement that Australia has with another country?

Australia-Japan Economic Partnership Agreement Signup and view all the answers

What do the abbreviations MNCs and TNCs stand for?

Multinational Corporations and Transnational Corporations Signup and view all the answers

Which of the following is NOT listed as an advantage of TNCs (Multinational Corporations) in the text?

They promote cultural diversity Signup and view all the answers

Investing in shares and stocks is considered a _____ risk investment.

high Signup and view all the answers