Question 1

________ 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 2

The figure above shows governments in the circular flow.
-In the figure above, which of the following is true?
I.Governments coordinate economic activities of households and firms.
Ii.Governments buy goods and services in goods markets.
Iii.Households pay taxes directly to firms.

Accepted Answer

A)  Only ii 
B)  Only i 
C)  Only iii 
D)  i and ii 
E)  ii and iii 
A)  Only ii 
B)  Only i 
C)  Only iii 
D)  i and ii 
E)  ii and iii

Question 3

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 306

Question 4

Which of following groups of countries are all advanced economies?

Accepted Answer

A)  Australia, Brazil, and the United States 
B)  Hong Kong, Japan, France, and the United Kingdom 
C)  Italy, the United States, China, and Russia 
D)  Singapore, Russia, France, and Chad 
E)  Mexico, Canada, Germany, and Egypt 
A)  Australia, Brazil, and the United States 
B)  Hong Kong, Japan, France, and the United Kingdom 
C)  Italy, the United States, China, and Russia 
D)  Singapore, Russia, France, and Chad 
E)  Mexico, Canada, Germany, and Egypt

Question 5

Property taxes are a major source of revenue for

Accepted Answer

A)  state and local governments. 
B)  the federal governments. 
C)  the federal, state, and local governments. 
D)  firms wanting to relocate their operations. 
E)  consumers. 
A)  state and local governments. 
B)  the federal governments. 
C)  the federal, state, and local governments. 
D)  firms wanting to relocate their operations. 
E)  consumers.

Question 6

The national debt is the total amount the ________ government has borrowed to make expenditures that ________ tax revenue.

Accepted Answer

A)  state and local; are less than 
B)  federal; are less than 
C)  federal; exceed 
D)  state and local; exceed 
E)  federal; are equal to 
A)  state and local; are less than 
B)  federal; are less than 
C)  federal; exceed 
D)  state and local; exceed 
E)  federal; are equal to

Question 7

An export good is a good produced

Accepted Answer

A)  in the United States and sold to foreigners living in the United States. 
B)  by foreigners in the United States and purchased by U.S.households. 
C)  in another country and purchased by U.S.residents. 
D)  in the United States and sold in other countries. 
E)  in another country and purchased by foreigners not residing in the United States. 
A)  in the United States and sold to foreigners living in the United States. 
B)  by foreigners in the United States and purchased by U.S.households. 
C)  in another country and purchased by U.S.residents. 
D)  in the United States and sold in other countries. 
E)  in another country and purchased by foreigners not residing in the United States.

Question 8

The most people live in ________ economies and the fewest people live in ________ economies.

Accepted Answer

A)  developing; emerging market 
B)  advanced; emerging market 
C)  advanced; developing 
D)  emerging market; developing 
E)  developing; advanced 
A)  developing; emerging market 
B)  advanced; emerging market 
C)  advanced; developing 
D)  emerging market; developing 
E)  developing; advanced

Question 9

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 10

Of the following, the largest source of tax revenue collected by state and local governments comes from

Accepted Answer

A)  personal income taxes. 
B)  corporate income taxes. 
C)  property taxes. 
D)  sales taxes. 
E)  lottery revenues. 
A)  personal income taxes. 
B)  corporate income taxes. 
C)  property taxes. 
D)  sales taxes. 
E)  lottery revenues.

Question 11

Capital is a factor of production.An example of capital as a factor of production is

Accepted Answer

A)  money. 
B)  stocks. 
C)  bonds. 
D)  machines. 
E)  education. 
A)  money. 
B)  stocks. 
C)  bonds. 
D)  machines. 
E)  education.

Question 12

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 13

The income paid to labor is called

Accepted Answer

A)  rent. 
B)  wages. 
C)  interest. 
D)  profit. 
E)  human capital. 
A)  rent. 
B)  wages. 
C)  interest. 
D)  profit. 
E)  human capital.

Question 14

What effect, if any, will a good college education have on your human capital?
 Explain your answer.

Accepted Answer

Human capital refers to the sk

Question 15

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 16

Most countries in the world are classified as

Accepted Answer

A)  advanced. 
B)  in transition. 
C)  developing. 
D)  industrialized. 
E)  emerging market. 
A)  advanced. 
B)  in transition. 
C)  developing. 
D)  industrialized. 
E)  emerging market.

Question 17

Over time, the percentage of total employment in services has ________ and in agriculture, employment has ________.

Accepted Answer

A)  increased; increased. 
B)  decreased; increased. 
C)  decreased; increased 
D)  stayed about the same; increased. 
E)  increased; decreased. 
A)  increased; increased. 
B)  decreased; increased. 
C)  decreased; increased 
D)  stayed about the same; increased. 
E)  increased; decreased.

Question 18

U.S.exports of goods and services flow to households and firms in ________ and U.S.financial inflows of capital flow to households and firms in ________.

Accepted Answer

A)  the United States; the United States 
B)  the United States; the rest of the world 
C)  the rest of the world; the United States 
D)  the rest of the world; the rest of the world 
E)  the United States; the rest of the world and the United States 
A)  the United States; the United States 
B)  the United States; the rest of the world 
C)  the rest of the world; the United States 
D)  the rest of the world; the rest of the world 
E)  the United States; the rest of the world and the United States

Question 19

Which of the following is not considered as one of the factors of production?

Accepted Answer

A)  Land. 
B)  Labor. 
C)  Capital. 
D)  Technology. 
E)  Entrepreneurship. 
A)  Land. 
B)  Labor. 
C)  Capital. 
D)  Technology. 
E)  Entrepreneurship.

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

The figure above shows governments in the circular flow. -In the figure above, which of the following is true? I.Governments coordinate economic activities of households and firms. Ii.Governments buy goods and services in goods markets. Iii.Households pay taxes directly to firms.

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?

Which of following groups of countries are all advanced economies?

Property taxes are a major source of revenue for

The national debt is the total amount the government has borrowed to make expenditures that tax revenue.

An export good is a good produced

The most people live in economies and the fewest people live in economies.

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

Of the following, the largest source of tax revenue collected by state and local governments comes from

Capital is a factor of production.An example of capital as a factor of production is

Nigeria would be classified by the International Monetary Fund as

The income paid to labor is called

What effect, if any, will a good college education have on your human capital? Explain your answer.

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

Most countries in the world are classified as

Over time, the percentage of total employment in services has and in agriculture, employment has .

U.S.exports of goods and services flow to households and firms in and U.S.financial inflows of capital flow to households and firms in .

Which of the following is not considered as one of the factors of production?

Getting Started

The Economic Problem

Demand and Supply

Gdp: a Measure of Total Production and Income

Jobs and Unemployment

The Cpi and the Cost of Living

Potential Gdp and the Natural Unemployment Rate

Economic Growth

Finance, Saving, and Investment

The Monetary System

Money, Interest, and Inflation

Aggregate Supply and Aggregate Demand

Aggregate Expenditure Multiplier

The Short-Run Policy Tradeoff

Fiscal Policy

Monetary Policy

International Trade Policy

International Finance

Filters

Exam 2: The Usand Global Economies

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

The figure above shows governments in the circular flow. -In the figure above, which of the following is true? I.Governments coordinate economic activities of households and firms. Ii.Governments buy goods and services in goods markets. Iii.Households pay taxes directly to firms.

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?

Which of following groups of countries are all advanced economies?

Property taxes are a major source of revenue for

The national debt is the total amount the ________ government has borrowed to make expenditures that ________ tax revenue.

An export good is a good produced

The most people live in ________ economies and the fewest people live in ________ economies.

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

Of the following, the largest source of tax revenue collected by state and local governments comes from

Capital is a factor of production.An example of capital as a factor of production is

Nigeria would be classified by the International Monetary Fund as

The income paid to labor is called

What effect, if any, will a good college education have on your human capital? Explain your answer.

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

Most countries in the world are classified as

Over time, the percentage of total employment in services has ________ and in agriculture, employment has ________.

U.S.exports of goods and services flow to households and firms in ________ and U.S.financial inflows of capital flow to households and firms in ________.

Which of the following is not considered as one of the factors of production?

Getting Started

The Economic Problem

Demand and Supply

Gdp: a Measure of Total Production and Income

Jobs and Unemployment

The Cpi and the Cost of Living

Potential Gdp and the Natural Unemployment Rate

Economic Growth

Finance, Saving, and Investment

The Monetary System

Money, Interest, and Inflation

Aggregate Supply and Aggregate Demand

Aggregate Expenditure Multiplier

The Short-Run Policy Tradeoff

Fiscal Policy

Monetary Policy

International Trade Policy

International Finance

Filters

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

The national debt is the total amount the government has borrowed to make expenditures that tax revenue.

The most people live in economies and the fewest people live in economies.

Over time, the percentage of total employment in services has and in agriculture, employment has .

U.S.exports of goods and services flow to households and firms in and U.S.financial inflows of capital flow to households and firms in .