Q.1.1 Which of the following represent injections into the circular flow of income and spending? (a) Exports and investment; (b) Government spending and imports; (c) Government spending and saving; (d) Imports and saving. Q.1.2 In the circular-flow diagram, the goods markets are where: (a) The households purchase goods from firms; (b) Firms purchase goods from government; (c) Firms purchase goods from households; (d) The government purchases goods from households. Q.1.3 Money overcomes the problem of a double coincidence of wants inherent in the barter system through its function as a: (a) unit of account. (b) store of value. (c) medium of exchange. (d) standard of deferred payment
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Multiple-choice questions: Select one correct answer for each of the following.
Q.1.1 Which of the following represent injections into the circular flow of income and spending?
(a) Exports and investment;
(b) Government spending and imports;
(c) Government spending and saving;
(d) Imports and saving.
Q.1.2 In the circular-flow diagram, the goods markets are where:
(a) The households purchase goods from firms;
(b) Firms purchase goods from government;
(c) Firms purchase goods from households;
(d) The government purchases goods from households.
Q.1.3 Money overcomes the problem of a double coincidence of wants inherent in the barter system through its function as a:
(a) unit of account.
(b) store of value.
(c) medium of exchange.
(d) standard of deferred payment.
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