In factor market of the circular flow, firms receive factors of production

from households in exchange for

Answer:

In exchange for rent/royalty, wages/salaries, interest, and profit. All of which accrue to households, for the FOP they sell.

Step-by-step explanation:

In the Circular Flow of Income model, the movement of money and resources is described/illustrated.

The factor market is the arrangement where factors of production are bought and sold. Remember that factors of production are classified into 4 groups:

- land  - labor  - capital  - entrepreneur

In a 2-sector economy, the players in the circular flow model will be Households & Firms

The factor market of the CFM will have households providing the factors of production and firms purchasing the factors of production.

So in the factor market of the CFM, firms receive factors of production from households, in exchange for payments such as rent (for land), income (for labor), interest (for capital), and profit (for entrepreneurial/management skills).

How Markets Work Unit Test: I just got done with the test

1.In the circular flow diagram, what do households receive from factor markets?

A.income

2.In what form do households receive income from labor within a resource market?

A.wages

3.As the price of a good or service increases, consumers will purchase a lower quantity of that good or service due, in part, to the fact that consumers cannot afford the same quantity of a good or service at a higher price. This concept is known as the _____.

A.income effect

4.An increase or decrease in which of the following factors would cause a shift in the demand curve for a given good? Select the two correct answers.

A.income and price of related goods

5.In a hypothetical country, the population is expected to increase by 25% following recent legislation relaxing the barriers that restrict immigration. It is expected that the new immigrants will purchase the same goods and services as the current population does. If all other economic forces are held constant, how would this increase in population influence demand?

A.shift the demand curves for all goods and services to the right

6.Which of the following satisfy the law of supply? Select the two correct answers.

A.A decrease in price is followed by a decrease in quantity supplied. and An increase in price is followed by an increase in quantity supplied.

7.Calculate the marginal product of labor associated with hiring a third worker.

A.4,000

8.A firm began the year making large profits. As time passed, the firm recorded the highest sales numbers in the history of its existence, but profit began to fall. Which of the following is a good strategy for the firm to follow if it wants to increase profits?

A.reduce output

9.A government official proposes taxing producers of plastic grocery bags at 10 cents per plastic bag. What effect would the tax have on the market for grocery bags?

A.Supply would decrease.

10.Baseball cards are considered to be a normal good. This means that, as incomes rise, consumers are willing and able to purchase greater quantities of baseball cards. How would an increase in incomes be modeled in a graph of the supply and demand curves for baseball cards?

A.The equilibrium point would move upward along the supply curve.

11.Movie tickets and popcorn are complementary goods. The price of corn, a good used in the production of popcorn, has fallen in price. Simultaneously, the rise of at-home streaming services have led movie theaters to decrease the amount of movies they offer. What is the result of these two events on the market for movie tickets?

A.The market equilibrium price of movie tickets will definitely rise.

12.A recent economic event has caused prices for a good to skyrocket. The same day, quantity supplied to the market fell by nearly 50%, and consumers experienced an immediate and significant shortage of the good. Which of the following economic events has most likely occurred?

A.Supply has decreased.

13.Which of the following is generally true of a competitive free market economy?

A.It can run itself without the intervention of government.

14.Within a single day, the popularity of a product rises to such a degree that the inventories of retailers are completely emptied of the product as consumers rush to purchase every available unit. You are the manager of a firm that produces this product, producing at profit-maximizing output prior to the surge in popularity. What would be an economically sound strategy for you to follow if you are acting in your self-interest?

A.Sell your product at a higher price to retailers.

15.What is a disadvantage of a multinational corporation?

A.stifles competition and innovation in host countries

16.How are the International Monetary Fund and the World Bank related?

A.The World Bank and International Monetary Fund both strive to help provide economic stability to countries in need.

17.Match the definition with the type of market structure.

Drag each item to the correct location.

Put responses in the correct input to answer the question. Select a response, navigate to the desired input and insert the response. Responses can be selected and inserted using the space bar, enter key, left mouse button or touchpad. Responses can also be moved by dragging with a mouse.

A.A market with no barriers to entry and a large number of price-taking firms. perfect competition

A market with significant barriers to entry and a single price-setting firm. monopoly

A market with no barriers to entry and a large number of price-setting firms. monopolistic competition

A market with significant barriers to entry and a small number of price-setting firms. oliopology

18.The highest degree of product differentiation is found in which of the following types of market structures?

A.monopolistic competition

19. response answers

20. response answers

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