Question
Question 1
Question 2
Question 3
Question 4
Question 5
A) In the circular flow diagram, what do households provide to factor markets? (1 point)
income
revenue
land, labor, and capital
goods and services
A) When it comes to resource markets, in what form do households receive income from entrepreneurship? (1 point)
profit
rent
interest
wages
A) In the circular flow diagram, what do firms provide to product markets? (1 point)
factors of production
money or costs
revenue
goods and services
A) In the circular flow diagram with government, what does the government receive directly from households? (1 point)
factors of production
expenditures
goods and services
taxes
A) Suppose that a city government decides to develop a public park. In the circular flow diagram with government, which of the following is a way that the government might engage directly with firms? (1 point)
The government might provide revenue from the park to firms.
The government might provide expenditures to firms in exchange for their work on the park.
The government might tax firms to fund the development of the park.
The government might provide firms with the tools and equipment needed to develop the park.
Question 2
Question 3
Question 4
Question 5
A) In the circular flow diagram, what do households provide to factor markets? (1 point)
income
revenue
land, labor, and capital
goods and services
A) When it comes to resource markets, in what form do households receive income from entrepreneurship? (1 point)
profit
rent
interest
wages
A) In the circular flow diagram, what do firms provide to product markets? (1 point)
factors of production
money or costs
revenue
goods and services
A) In the circular flow diagram with government, what does the government receive directly from households? (1 point)
factors of production
expenditures
goods and services
taxes
A) Suppose that a city government decides to develop a public park. In the circular flow diagram with government, which of the following is a way that the government might engage directly with firms? (1 point)
The government might provide revenue from the park to firms.
The government might provide expenditures to firms in exchange for their work on the park.
The government might tax firms to fund the development of the park.
The government might provide firms with the tools and equipment needed to develop the park.
Answers
GPT-4o mini
Here are the answers to your questions based on the concepts of the circular flow diagram:
1. **In the circular flow diagram, what do households provide to factor markets?**
- **Answer:** land, labor, and capital
2. **When it comes to resource markets, in what form do households receive income from entrepreneurship?**
- **Answer:** profit
3. **In the circular flow diagram, what do firms provide to product markets?**
- **Answer:** goods and services
4. **In the circular flow diagram with government, what does the government receive directly from households?**
- **Answer:** taxes
5. **Suppose that a city government decides to develop a public park. In the circular flow diagram with government, which of the following is a way that the government might engage directly with firms?**
- **Answer:** The government might provide expenditures to firms in exchange for their work on the park.
1. **In the circular flow diagram, what do households provide to factor markets?**
- **Answer:** land, labor, and capital
2. **When it comes to resource markets, in what form do households receive income from entrepreneurship?**
- **Answer:** profit
3. **In the circular flow diagram, what do firms provide to product markets?**
- **Answer:** goods and services
4. **In the circular flow diagram with government, what does the government receive directly from households?**
- **Answer:** taxes
5. **Suppose that a city government decides to develop a public park. In the circular flow diagram with government, which of the following is a way that the government might engage directly with firms?**
- **Answer:** The government might provide expenditures to firms in exchange for their work on the park.