The Circular Flow of Income II Uppersixth Arts Economics

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Test your grasp of circular flow and equilibrium.

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YAKILI LMS

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The Circular Flow of Income II Uppersixth Arts Economics


Froggy Jumps The Circular Flow of Income II Uppersixth Arts EconomicsOnline version Test your grasp of circular flow and equilibrium. by YAKILI LMS 1 What is the circular flow of income? a Flow of taxes only b A government budget cycle c Movement of money and goods between households and firms 2 In a three-sector economy, which sectors are involved? a Households, firms, and foreign sector b Banks, firms, and households c Households, firms, and government 3 Which is NOT part of the three-sector flow? a Firms b Export sector c Households 4 What adds to the circular flow in a four-sector economy? a Savings sector b Public sector only c Foreign sector (exports and imports) 5 Which new element exists in a four-sector model? a Non-profit sector b Foreign sector c Banking sector 6 What is equilibrium national income? a Income level where total spending equals total income b Budget surplus c Income tax level 7 In the income/expenditure method, equilibrium occurs when: a Aggregate demand equals national income b Exports exceed imports c Government deficit equals surplus 8 What does injection mean in the economy? a Taxes collected b Saving within households c Spending from outside the circular flow (e.g., investment, exports) 9 What is withdrawal in the four-sector model? a Government spending b Savings, taxes, and imports c Investment 10 Which is an injection into the circular flow? a Imports b Investment spending c Taxes 11 Which is a withdrawal from the circular flow? a Consumption b Government spending c Saving 12 Disposable income is best defined as: a Total national income b Income after taxes and transfers c Gross income before taxes 13 Aggregate demand equals: a Total spending on goods and services b Total tax revenue c Total government expenditure 14 What does the 45-degree line represent? a Equality of output and income b Money supply and price level c Exports and imports 15 In the 45-degree diagram, what lies on the 45-degree line? a Aggregate expenditure equals aggregate income b Investment equals savings c Government budget balance 16 If equilibrium national income falls, what must happen? a Aggregate demand must decrease or injections fall short b Taxes must rise c Exports must fall 17 What is meant by 'income-expenditure equilibrium'? a When total spending equals income earned b When exports exceed imports c When government balance is zero 18 Which sector is NOT in the three-sector model? a Foreign sector b Households c Government 19 Which item is a real flow in the circular model? a Tax revenue b Loans c Goods and services 20 Which item is a monetary flow in the circular model? a Income payments b Exports only c Unemployment benefits only 21 What does a higher injection do to equilibrium? a Has no effect b Lowers it c Raises equilibrium national income 22 What does a higher withdrawal do to equilibrium? a Lowers equilibrium national income b Raises it c Stops the economy 23 Which is true about the four-sector model? a It removes households b It removes government c It adds the foreign sector to the flow 24 What is an example of leakages in the circular flow? a Spending on groceries b Wages c Taxes 25 What is an example of injections? a Imports b Exports c Taxes 26 How is disposable income used in the model? a To fix exchange rates b To set tax rates c To determine consumption and saving 27 Which line illustrates equality of planned spending and income? a Horizontal axis b 45-degree line c Vertical axis 28 In the three-sector model, which is the government’s role? a Interest rate setting b Trade negotiations c Tax collection and spending 29 What happens when saving increases while investment stays constant? a Equilibrium income rises b No change in income c Equilibrium income falls 30 Which of these is a determinant of aggregate demand? a Price level alone b Consumption c Money supply 31 What does 'income' in the circular flow refer to? a Prices of goods b Tax rates c Wages, rent, interest, and profits 32 What does the term 'aggregate demand' include? a Only consumer spending b Only exports c Consumption, investment, government spending, net exports 33 Which diagram feature shows equilibrium where lines cross? a Legend box b Axes intercept c Intersection of 45-degree line and AE curve 34 What is 'equilibrium national income' also called? a Monetary equilibrium b Macro equilibrium output c Budget balance 35 Which is a 'withdrawal' in the economy? a Imports b Exports c Investment 36 Which is an 'injection' into the economy? a Taxation b Government spending c Household saving 37 What does the 45-degree line imply about equality? a Budget equality b Consumption equals income in the diagram c Price parity 38 Which sector adds to injections in a four-sector model? a Only households b Foreign sector via net exports c Only government 39 In a four-sector model, what does the foreign sector affect? a Tax revenue b Net exports component of AD c Budget deficit 40 What occurs when injections exceed withdrawals? a No change b National income rises c National income falls 41 Which term describes total spending in an economy? a Monetary base b Aggregate supply c Aggregate demand 42 What is disposable income used for in the model? a Set exchange rate b Determine consumption and saving c Fix government budget 43 Which is true about equilibrium income using the injection/withdrawal method? a Injections equal withdrawals at equilibrium b Exports equal imports c Savings equal taxes 44 What is 'consumption' in this framework? a Spending by households on goods/services b Government revenue c Capital investment 45 Which item is a 'real flow' in circular flow? a Money only b Taxes c Goods and services 46 Which item is a 'monetary flow' in circular flow? a Exports receipts b Income payments to households c Loans to firms 47 Which concept links income and expenditure? a Interest rate b Equilibrium national income c Trade balance 48 What does 'national income' measure? a Total tax revenue b Total value of goods/services produced c Money in circulation 49 Which component is outside the circular flow in the four-sector model? a Domestic households b Domestic firms c Foreign sector's net transactions 50 What does the four-sector model assume about foreign trade? a Exports minus imports affect AD b Only affects fiscal policy c No effect on AD

The Circular Flow of Income II Uppersixth Arts Economics

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The Circular Flow of Income II Uppersixth Arts EconomicsOnline version

by YAKILI LMS

What is the circular flow of income?

In a three-sector economy, which sectors are involved?

Which is NOT part of the three-sector flow?

What adds to the circular flow in a four-sector economy?

Which new element exists in a four-sector model?

What is equilibrium national income?

In the income/expenditure method, equilibrium occurs when:

What does injection mean in the economy?

What is withdrawal in the four-sector model?

Which is an injection into the circular flow?

Which is a withdrawal from the circular flow?

Disposable income is best defined as:

Aggregate demand equals:

What does the 45-degree line represent?

In the 45-degree diagram, what lies on the 45-degree line?

If equilibrium national income falls, what must happen?

What is meant by 'income-expenditure equilibrium'?

Which sector is NOT in the three-sector model?

Which item is a real flow in the circular model?

Which item is a monetary flow in the circular model?

What does a higher injection do to equilibrium?

What does a higher withdrawal do to equilibrium?

Which is true about the four-sector model?

What is an example of leakages in the circular flow?

What is an example of injections?

How is disposable income used in the model?

Which line illustrates equality of planned spending and income?

In the three-sector model, which is the government’s role?

What happens when saving increases while investment stays constant?

Which of these is a determinant of aggregate demand?

What does 'income' in the circular flow refer to?

What does the term 'aggregate demand' include?

Which diagram feature shows equilibrium where lines cross?

What is 'equilibrium national income' also called?

Which is a 'withdrawal' in the economy?

Which is an 'injection' into the economy?

What does the 45-degree line imply about equality?

Which sector adds to injections in a four-sector model?

In a four-sector model, what does the foreign sector affect?

What occurs when injections exceed withdrawals?

Which term describes total spending in an economy?

What is disposable income used for in the model?

Which is true about equilibrium income using the injection/withdrawal method?

What is 'consumption' in this framework?

Which item is a 'real flow' in circular flow?

Which item is a 'monetary flow' in circular flow?

Which concept links income and expenditure?

What does 'national income' measure?

Which component is outside the circular flow in the four-sector model?

What does the four-sector model assume about foreign trade?