Question 1

________ is the human resource that organizes labor,land,and capital.

Accepted Answer

A)  Human capital 
B)  Human skill 
C)  A gift of nature 
D)  Entrepreneurship 
E)  Profit 
A)  Human capital 
B)  Human skill 
C)  A gift of nature 
D)  Entrepreneurship 
E)  Profit

Question 2

The percentage of the world's population that lives in the advanced economies is

Accepted Answer

A)  more than 71 percent. 
B)  between 51 percent and 70 percent. 
C)  between 31 percent and 50 percent. 
D)  between 20 percent and 30 percent. 
E)  less than 20 percent. 
A)  more than 71 percent. 
B)  between 51 percent and 70 percent. 
C)  between 31 percent and 50 percent. 
D)  between 20 percent and 30 percent. 
E)  less than 20 percent.

Question 3

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 4

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 5

A market is defined as

Accepted Answer

A)  the physical place where goods (but not services) are sold. 
B)  the physical place where goods and services are sold. 
C)  any arrangement that brings buyers and sellers together. 
D)  a place where money is exchanged for goods. 
E)  another name for a store. 
A)  the physical place where goods (but not services) are sold. 
B)  the physical place where goods and services are sold. 
C)  any arrangement that brings buyers and sellers together. 
D)  a place where money is exchanged for goods. 
E)  another name for a store.

Question 6

Of the following,the largest source of revenue for the federal government is the

Accepted Answer

A)  personal income tax. 
B)  transfers from state and local governments. 
C)  corporation income tax. 
D)  lottery. 
E)  revenue from the sale of public lands. 
A)  personal income tax. 
B)  transfers from state and local governments. 
C)  corporation income tax. 
D)  lottery. 
E)  revenue from the sale of public lands.

Question 7

In the circular flow model with the government sector,taxes

Accepted Answer

A)  flow in the opposite direction as do transfers. 
B)  flow in the same direction as do transfers. 
C)  on households flow in the same direction as do the goods and services. 
D)  on firms flow in the same direction as do factors of production. 
E)  flow from the goods market to the factor markets. 
A)  flow in the opposite direction as do transfers. 
B)  flow in the same direction as do transfers. 
C)  on households flow in the same direction as do the goods and services. 
D)  on firms flow in the same direction as do factors of production. 
E)  flow from the goods market to the factor markets.

Question 8

As a percentage of total world production,production in the 29 advanced economies is about ________ percent of total world production and in the 118 developing economies is about ________ percent of total world production.

Accepted Answer

A)  53; 39 
B)  23; 62 
C)  53; 12 
D)  30; 46 
E)  19; 73 
A)  53; 39 
B)  23; 62 
C)  53; 12 
D)  30; 46 
E)  19; 73

Question 9

The world population is approximately ________ people.

Accepted Answer

A)  6.8 million 
B)  2 trillion 
C)  6.8 billion 
D)  6.8 trillion 
E)  680 million 
A)  6.8 million 
B)  2 trillion 
C)  6.8 billion 
D)  6.8 trillion 
E)  680 million

Question 10

Discuss the differences between developing and emerging market economies.

Accepted Answer

Although the average income in emerging

Question 11

The productive resource that includes all the "gifts of nature" is called

Accepted Answer

A)  land. 
B)  labor. 
C)  capital. 
D)  entrepreneurship. 
E)  land if undeveloped and capital if developed. 
A)  land. 
B)  labor. 
C)  capital. 
D)  entrepreneurship. 
E)  land if undeveloped and capital if developed.

Question 12

Payments to the factors of production are

Accepted Answer

A)  rent, mortgage, interest, and bonds. 
B)  rent, interest, bonds, and profit or loss. 
C)  rent, wages, interest, and profit or loss. 
D)  rent, wages, profit or loss, and bonus. 
E)  land, labor, capital, and entrepreneurship. 
A)  rent, mortgage, interest, and bonds. 
B)  rent, interest, bonds, and profit or loss. 
C)  rent, wages, interest, and profit or loss. 
D)  rent, wages, profit or loss, and bonus. 
E)  land, labor, capital, and entrepreneurship.

Question 13

The richest 20 percent of individuals in the United States receive about ________ of the nation's total income.

Accepted Answer

A)  21 percent 
B)  51 percent 
C)  91 percent 
D)  99 percent 
E)  23 percent 
A)  21 percent 
B)  51 percent 
C)  91 percent 
D)  99 percent 
E)  23 percent

Question 14

The majority of the value of production in the world economy is produced in

Accepted Answer

A)  all of the developing economies taken together. 
B)  all of Africa and the Middle East taken together. 
C)  China and other Asian developing economies. 
D)  all of the advanced economies taken together. 
E)  all of the emerging market economies taken together. 
A)  all of the developing economies taken together. 
B)  all of Africa and the Middle East taken together. 
C)  China and other Asian developing economies. 
D)  all of the advanced economies taken together. 
E)  all of the emerging market economies taken together.

Question 15

Over the past 70 years,which of the following has occurred?
i.The service sector has grown so that now about 80 percent of workers are now employed in the service industry.
ii.The manufacturing sector has shrunk,so now about 20 percent of workers are now employed in the production of goods.
iii.The percentage of workers employed in the service industry has increased steadily.

Accepted Answer

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

Question 16

Nigeria would be classified by the International Monetary Fund as

Accepted Answer

A)  an advanced economy. 
B)  a developing economy. 
C)  a transition economy. 
D)  an emerging market economy. 
E)  a resource-based economy. 
A)  an advanced economy. 
B)  a developing economy. 
C)  a transition economy. 
D)  an emerging market economy. 
E)  a resource-based economy.

Question 17

In the United States,the productive factor that,as a group,receives the largest fraction of the nation's total income was

Accepted Answer

A)  labor. 
B)  capital. 
C)  consumption goods and services. 
D)  entrepreneurship. 
E)  land. 
A)  labor. 
B)  capital. 
C)  consumption goods and services. 
D)  entrepreneurship. 
E)  land.

Question 18

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 19

According to the functional distribution of income,in the United States

Accepted Answer

A)  capital earns most of the income. 
B)  labor earns most of the income. 
C)  land earns most of the income. 
D)  entrepreneurs earned most of the income. 
E)  the income earned by capital and labor are approximately equal. 
A)  capital earns most of the income. 
B)  labor earns most of the income. 
C)  land earns most of the income. 
D)  entrepreneurs earned most of the income. 
E)  the income earned by capital and labor are approximately equal.

Question 20

________ economies include ______________.

Accepted Answer

A)  Developing; Saudi Arabia and South Africa 
B)  Developing; Poland and Russia 
C)  Developing; China and Poland 
D)  Emerging; Poland and Brazil 
E)  Emerging; China and Canada 
A)  Developing; Saudi Arabia and South Africa 
B)  Developing; Poland and Russia 
C)  Developing; China and Poland 
D)  Emerging; Poland and Brazil 
E)  Emerging; China and Canada

________ is the human resource that organizes labor,land,and capital.

The percentage of the world's population that lives in the advanced economies is

The largest category of state and local government expenditures is

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

A market is defined as

Of the following,the largest source of revenue for the federal government is the

In the circular flow model with the government sector,taxes

As a percentage of total world production,production in the 29 advanced economies is about percent of total world production and in the 118 developing economies is about percent of total world production.

The world population is approximately ________ people.

Discuss the differences between developing and emerging market economies.

The productive resource that includes all the "gifts of nature" is called

Payments to the factors of production are

The richest 20 percent of individuals in the United States receive about ________ of the nation's total income.

The majority of the value of production in the world economy is produced in

Nigeria would be classified by the International Monetary Fund as

In the United States,the productive factor that,as a group,receives the largest fraction of the nation's total income was

The difference between consumption and capital goods is that

According to the functional distribution of income,in the United States

economies include ______.

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 Usand Global Economies

________ is the human resource that organizes labor,land,and capital.

The percentage of the world's population that lives in the advanced economies is

The largest category of state and local government expenditures is

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

A market is defined as

Of the following,the largest source of revenue for the federal government is the

In the circular flow model with the government sector,taxes

As a percentage of total world production,production in the 29 advanced economies is about ________ percent of total world production and in the 118 developing economies is about ________ percent of total world production.

The world population is approximately ________ people.

Discuss the differences between developing and emerging market economies.

The productive resource that includes all the "gifts of nature" is called

Payments to the factors of production are

The richest 20 percent of individuals in the United States receive about ________ of the nation's total income.

The majority of the value of production in the world economy is produced in

Nigeria would be classified by the International Monetary Fund as

In the United States,the productive factor that,as a group,receives the largest fraction of the nation's total income was

The difference between consumption and capital goods is that

According to the functional distribution of income,in the United States

________ economies include ______________.

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

As a percentage of total world production,production in the 29 advanced economies is about percent of total world production and in the 118 developing economies is about percent of total world production.

economies include ______.