business firms . II . Firms provide payment to individuals for economic resources . III . Firms provide goods and services to individuals . IV . Individuals provide payment to firms for goods and services .
8 . If the cost of imported oil declined suddenly and significantly , which one of the above flows would be most likely to be the first impacted ?
9 . The free-market economy flow model depicts four major interrelated flows : I . Individuals provide economic resources to business firms . II . Firms provide payment to individuals for economic resources . III . Firms provide goods and services to individuals . IV . Individuals provide payment to firms for goods and services .
10 . If financial institutions and businesses suddenly and severely restrict the availability of consumer credit , which one of the above flows would be most likely to be the first to be impacted adversely ?
11 . Which of the following are considered economic resources ?
12 . In a free-market economy , which of the following should be the least significant factor in determining resource allocation and use ?
13 . Which of the following is not a characteristic of a free-market economy ?
14 . The demand for a commodity would increase when the price of a
15 . When a demand schedule is plotted on a graph , the resulting demand curve will be
16 . In the statement " quantity demanded is a function of price ," are the variables quantity and price dependent or independent variables ?
17 . The demand curve for a product reflects which of the following ?