Question 1

The data show that more than 60 percent of the total income earned in the United States goes to

Accepted Answer

A)  labor. 
B)  land. 
C)  capital. 
D)  entrepreneurship. 
E)  profit. 
A)  labor. 
B)  land. 
C)  capital. 
D)  entrepreneurship. 
E)  profit.

Question 2

Of the following,the federal government obtains most revenue from

Accepted Answer

A)  excise taxes. 
B)  sales taxes. 
C)  corporate income taxes. 
D)  Social Security taxes. 
E)  property taxes. 
A)  excise taxes. 
B)  sales taxes. 
C)  corporate income taxes. 
D)  Social Security taxes. 
E)  property taxes.

Question 3

What would be an example of consumption service?

Accepted Answer

A)  Rhianna gets a haircut. 
B)  Jake buys an iPhone. 
C)  Antonio, the manager of the local Taco Hut, purchases a new deep fryer. 
D)  The local driver's license office purchases a new digital camera and printer. 
E)  Donald Trump purchases furniture for his office. 
A)  Rhianna gets a haircut. 
B)  Jake buys an iPhone. 
C)  Antonio, the manager of the local Taco Hut, purchases a new deep fryer. 
D)  The local driver's license office purchases a new digital camera and printer. 
E)  Donald Trump purchases furniture for his office.

Question 4

Explain how public goods provided by the federal government differ from public goods provided by the state and local governments.

Accepted Answer

The federal government provides goods an

Question 5

In the circular flow model,the factor markets are the markets in which

Accepted Answer

A)  consumption goods and services are bought and sold. 
B)  government goods and services are provided. 
C)  land, labor, capital, and entrepreneurship are bought and sold. 
D)  investment goods and services are bought and sold. 
E)  governments impose all their taxes. 
A)  consumption goods and services are bought and sold. 
B)  government goods and services are provided. 
C)  land, labor, capital, and entrepreneurship are bought and sold. 
D)  investment goods and services are bought and sold. 
E)  governments impose all their taxes.

Question 6

Compare and contrast the world population with that of the United States.Is the United States becoming a larger or a smaller part of the world's population?

Accepted Answer

The U.S.population was approximately 311

Question 7

The difference between consumption and capital goods is that

Accepted Answer

A)  only big corporations can afford capital goods. 
B)  capital goods are used to produce additional goods while consumption goods are not. 
C)  capital goods are provided by the government. 
D)  consumption goods can be enjoyed by many people at the same time. 
E)  it is illegal to export capital goods. 
A)  only big corporations can afford capital goods. 
B)  capital goods are used to produce additional goods while consumption goods are not. 
C)  capital goods are provided by the government. 
D)  consumption goods can be enjoyed by many people at the same time. 
E)  it is illegal to export capital goods.

Question 8

The largest category of state and local government expenditures is

Accepted Answer

A)  public welfare. 
B)  highways. 
C)  education. 
D)  interest on their debt. 
E)  Social Security. 
A)  public welfare. 
B)  highways. 
C)  education. 
D)  interest on their debt. 
E)  Social Security.

Question 9

The total amount the federal government has borrowed to make expenditures that exceed tax revenue is called

Accepted Answer

A)  personal income taxes. 
B)  federal expenditures. 
C)  total government spending. 
D)  the net government revenue. 
E)  the national debt. 
A)  personal income taxes. 
B)  federal expenditures. 
C)  total government spending. 
D)  the net government revenue. 
E)  the national debt.

Question 10

In the United States,which factor of production earns the largest share of the nation's total income?

Accepted Answer

The largest fraction of the na

Question 11

Draw a circular flow diagram with households and firms and without government.Label the markets and the flows in the circular flow diagram.

Accepted Answer

@#IMG-DLM& A circular flow dia

Question 12

Items bought by individuals to provide personal enjoyment are termed

Accepted Answer

A)  consumption goods. 
B)  personal goods. 
C)  consumption or investment goods. 
D)  standard goods. 
E)  pleasure goods. 
A)  consumption goods. 
B)  personal goods. 
C)  consumption or investment goods. 
D)  standard goods. 
E)  pleasure goods.

Question 13

A money flow in the circular flow diagram is
i.the government's collection of taxes.
ii.Chevrolet's production of SUVs.
iii.Nike's payment of wages to its workers.

Accepted Answer

A)  i and iii 
B)  i, ii and iii 
C)  i only 
D)  ii only 
E)  ii and iii 
A)  i and iii 
B)  i, ii and iii 
C)  i only 
D)  ii only 
E)  ii and iii

Question 14

The largest share of total production in the United States is

Accepted Answer

A)  consumption goods and services. 
B)  capital goods. 
C)  government goods and services. 
D)  exported goods and services. 
E)  imported goods and services. 
A)  consumption goods and services. 
B)  capital goods. 
C)  government goods and services. 
D)  exported goods and services. 
E)  imported goods and services.

Question 15

________ choose the quantities of factors of production to hire and ________ choose the quantities of goods and services to produce.

Accepted Answer

A)  Entrepreneurs; firms 
B)  Firms; firms 
C)  Markets; markets 
D)  Factor markets; goods markets 
E)  Firms; households 
A)  Entrepreneurs; firms 
B)  Firms; firms 
C)  Markets; markets 
D)  Factor markets; goods markets 
E)  Firms; households

Question 16

Compared to the world,the rate of U.S.population growth is

Accepted Answer

A)  slower than in the world as a whole. 
B)  about the same as in the world as a whole. 
C)  much faster than in the world as a whole. 
D)  incomparable because U.S. residents are born with a much greater chance of accumulating a lot of human capital. 
E)  incomparable because we do not have accurate world population statistics. 
A)  slower than in the world as a whole. 
B)  about the same as in the world as a whole. 
C)  much faster than in the world as a whole. 
D)  incomparable because U.S. residents are born with a much greater chance of accumulating a lot of human capital. 
E)  incomparable because we do not have accurate world population statistics.

Question 17

Which of the following correctly lists the categories of factors of production?

Accepted Answer

A)  machines, buildings, land, and money 
B)  hardware, software, land, and money 
C)  capital, money, and labor 
D)  owners, workers, and consumers 
E)  land, labor, capital, and entrepreneurship 
A)  machines, buildings, land, and money 
B)  hardware, software, land, and money 
C)  capital, money, and labor 
D)  owners, workers, and consumers 
E)  land, labor, capital, and entrepreneurship

Question 18

Which factor of production does human capital enhance?
i.land
ii.labor
iii.capital

Accepted Answer

A)  i only 
B)  ii only 
C)  iii only 
D)  i and ii 
E)  i, ii, and iii 
A)  i only 
B)  ii only 
C)  iii only 
D)  i and ii 
E)  i, ii, and iii

Question 19

When Ethan continues his education beyond high school he is increasing his

Accepted Answer

A)  capital. 
B)  wage rate. 
C)  human capital. 
D)  quantity of labor. 
E)  rent. 
A)  capital. 
B)  wage rate. 
C)  human capital. 
D)  quantity of labor. 
E)  rent.

Question 20

Which of the following isNOT considered a consumption good?

Accepted Answer

A)  Nike swimming trunks 
B)  marriage counseling services 
C)  a UPS truck 
D)  a Subway sandwich 
E)  a U.S. government bond 
A)  Nike swimming trunks 
B)  marriage counseling services 
C)  a UPS truck 
D)  a Subway sandwich 
E)  a U.S. government bond

The data show that more than 60 percent of the total income earned in the United States goes to

Of the following,the federal government obtains most revenue from

What would be an example of consumption service?

Explain how public goods provided by the federal government differ from public goods provided by the state and local governments.

In the circular flow model,the factor markets are the markets in which

Compare and contrast the world population with that of the United States.Is the United States becoming a larger or a smaller part of the world's population?

The difference between consumption and capital goods is that

The largest category of state and local government expenditures is

The total amount the federal government has borrowed to make expenditures that exceed tax revenue is called

In the United States,which factor of production earns the largest share of the nation's total income?

Draw a circular flow diagram with households and firms and without government.Label the markets and the flows in the circular flow diagram.

Items bought by individuals to provide personal enjoyment are termed

A money flow in the circular flow diagram is i.the government's collection of taxes. ii.Chevrolet's production of SUVs. iii.Nike's payment of wages to its workers.

The largest share of total production in the United States is

choose the quantities of factors of production to hire and choose the quantities of goods and services to produce.

Compared to the world,the rate of U.S.population growth is

Which of the following correctly lists the categories of factors of production?

Which factor of production does human capital enhance? i.land ii.labor iii.capital

When Ethan continues his education beyond high school he is increasing his

Which of the following isNOT considered a consumption good?

Getting Started

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters

Exam 2: The U.S.and Global Economies

The data show that more than 60 percent of the total income earned in the United States goes to

Of the following,the federal government obtains most revenue from

What would be an example of consumption service?

Explain how public goods provided by the federal government differ from public goods provided by the state and local governments.

In the circular flow model,the factor markets are the markets in which

Compare and contrast the world population with that of the United States.Is the United States becoming a larger or a smaller part of the world's population?

The difference between consumption and capital goods is that

The largest category of state and local government expenditures is

The total amount the federal government has borrowed to make expenditures that exceed tax revenue is called

In the United States,which factor of production earns the largest share of the nation's total income?

Draw a circular flow diagram with households and firms and without government.Label the markets and the flows in the circular flow diagram.

Items bought by individuals to provide personal enjoyment are termed

A money flow in the circular flow diagram is i.the government's collection of taxes. ii.Chevrolet's production of SUVs. iii.Nike's payment of wages to its workers.

The largest share of total production in the United States is

________ choose the quantities of factors of production to hire and ________ choose the quantities of goods and services to produce.

Compared to the world,the rate of U.S.population growth is

Which of the following correctly lists the categories of factors of production?

Which factor of production does human capital enhance? i.land ii.labor iii.capital

When Ethan continues his education beyond high school he is increasing his

Which of the following isNOT considered a consumption good?

Getting Started

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters

choose the quantities of factors of production to hire and choose the quantities of goods and services to produce.