Circular Flow Diagram Quiz with Answers PDF Download – Test 57

MCQ 281: In FOP market, circular flow is like:

1. HH to Organization
2. HH to Firms
3. Firms to HH
4. Organization to HH

MCQ 282: Firms in the economy produces goods/services by using inputs like:

1. diagrams, flow charts and equations
2. revenue, taxes, households, services
3. wages, building, machines, organizations
4. labor, land, capital, entrepreneur

MCQ 283: While comparing any good or service's international and domestic price gives you:

1. comparative disadvantage
2. absolute advantage
3. absolute disadvantage
4. comparative advantage

MCQ 284: The concept of rivalry and competition is always present in the:

1. perfectly imperfect markets
2. perfectly competitive markets
3. monopoly
4. oligopoly

MCQ 285: The process when a product passes through a sequence of stages from introduction to growth, maturity, and decline is known as:

1. product life-cycle hypothesis
2. income level hypothesis
3. product cycle theory
4. international marketing stages