Exam 2: The Usand Global Economies

It is conventional to divide the nation's total production into four categories.Name and explain the four categories.In the United States, which category accounts for the largest share and the smallest share of the nation's total production?

As the circular flow model shows, the factors of production flow from

The Colorado Ski Shop sold 60 ski jackets to a Belgium company's headquarters located in Paris, France.The ski jackets are a

In the United States, the poorest 20 percent of households receive about ________ percent of total income.

In the circular flow model, rent, wages, interest, and profit paid flow from ________ through ________ to ________.

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

If a product becomes more popular and consumers want more produced, which of the following best describes what happens to move more factors of production into that industry?

________ earned the highest amount of income among the factors of production in the United States.

What is the difference between the functional and the personal distribution of income?

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

The emerging market economies are

Human capital is

Canada is classified by the International Monetary Fund as

Computers and insurance coverage produced in the United States and sold to people in other nations are categorized as

Income taxes paid by corporations are

In the goods market, firms ________ and households ________.

Discuss the differences between developing and emerging market economies.

The figure above shows governments in the circular flow. -In the figure above, households

Economists classify energy and water as part of which factor of production?

Factors of production are the