Question 1

What is the largest source of tax revenue for the U.S.federal government and what is the largest expenditure item of the U.S.federal government?

Accepted Answer

The largest source of tax revenue for th

Question 2

Which of the following is an example of an effort to decrease physical capital differences between an advanced and a developing economy?

Accepted Answer

A)  American troops build roads in Iraq. 
B)  Through World Vision, women and children in Africa receive education. 
C)  Peace Corps volunteers teach English around the world. 
D)  Creating Hope International trains women in Afghanistan to become tailors. 
E)  Habitat for Humanity builds houses for low income families in the United States. 
A)  American troops build roads in Iraq. 
B)  Through World Vision, women and children in Africa receive education. 
C)  Peace Corps volunteers teach English around the world. 
D)  Creating Hope International trains women in Afghanistan to become tailors. 
E)  Habitat for Humanity builds houses for low income families in the United States.

Question 3

Items bought by businesses to help produce other goods and services are called

Accepted Answer

A)  consumption goods and services. 
B)  capital goods. 
C)  government goods and services. 
D)  exports of goods and services. 
E)  productive goods. 
A)  consumption goods and services. 
B)  capital goods. 
C)  government goods and services. 
D)  exports of goods and services. 
E)  productive goods.

Question 4

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 5

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

Accepted Answer

A)  U.S.export. 
B)  capital good. 
C)  government good. 
D)  U.S.consumption service. 
E)  U.S.import. 
A)  U.S.export. 
B)  capital good. 
C)  government good. 
D)  U.S.consumption service. 
E)  U.S.import.

Question 6

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 7

Capital is a factor of production.Which of the following is an example of capital?
I. $1,000 in money
Ii. 100 shares of Microsoft stock
Iii. $10,000 in bonds issued by General Motors
Iv) A drill press in your local machine shop

Accepted Answer

A)  i and ii. 
B)  ii only. 
C)  iii only. 
D)  iv only. 
E)  ii and iii. 
A)  i and ii. 
B)  ii only. 
C)  iii only. 
D)  iv only. 
E)  ii and iii.

Question 8

How many and what fraction of the world's people live in advanced economies?
 In emerging market and developing economies?

Accepted Answer

There are approximately 6.8 billion peop

Question 9

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

Accepted Answer

A)  4 
B)  15 
C)  23 
D)  50 
E)  33 
A)  4 
B)  15 
C)  23 
D)  50 
E)  33

Question 10

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 11

Margo orders a MacBook Pro computer from The Apple Store online to use it in her graphic design business. How will this be reflected in the figure above?

Accepted Answer

A)  As a flow of a factor of production 
B)  As a flow of goods and services bought 
C)  As expenditures on goods and services 
D)  As goods and services supplied 
E)  It won't be shown in the figure because this transaction takes place neither in goods markets nor in factor markets. 
A)  As a flow of a factor of production 
B)  As a flow of goods and services bought 
C)  As expenditures on goods and services 
D)  As goods and services supplied 
E)  It won't be shown in the figure because this transaction takes place neither in goods markets nor in factor markets.

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

In economics, the factor of production "land" includes all of the following except ________.

Accepted Answer

A)  energy 
B)  plastics 
C)  wild plants 
D)  animals, birds, and fish 
E)  oil 
A)  energy 
B)  plastics 
C)  wild plants 
D)  animals, birds, and fish 
E)  oil

Question 14

Goods and services are produced by using four factors of production:

Accepted Answer

A)  land, labor, capital, and entrepreneurship. 
B)  land, labor, money, and equipment. 
C)  natural resources, human resources, financial assets, and entrepreneurial resources. 
D)  labor, human capital, physical capital, and financial capital. 
E)  land, labor, capital, and money. 
A)  land, labor, capital, and entrepreneurship. 
B)  land, labor, money, and equipment. 
C)  natural resources, human resources, financial assets, and entrepreneurial resources. 
D)  labor, human capital, physical capital, and financial capital. 
E)  land, labor, capital, and money.

Question 15

In the circular flow model,

Accepted Answer

A)  only firms sell in markets. 
B)  only households buy from markets. 
C)  some firms only sell and some firms only buy. 
D)  the money used to buy goods and the goods themselves travel in the same direction. 
E)  both firms and households buy or sell in different markets. 
A)  only firms sell in markets. 
B)  only households buy from markets. 
C)  some firms only sell and some firms only buy. 
D)  the money used to buy goods and the goods themselves travel in the same direction. 
E)  both firms and households buy or sell in different markets.

Question 16

In the advanced economies, ________ of the factories use advanced capital equipment and in the developing economies ________ of the factories use advanced capital equipment

Accepted Answer

A)  virtually all; virtually all 
B)  some; some 
C)  virtually all; none 
D)  some; none of 
E)  virtually all; some 
A)  virtually all; virtually all 
B)  some; some 
C)  virtually all; none 
D)  some; none of 
E)  virtually all; some

Question 17

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

Accepted Answer

A)  firms to households through the factor market. 
B)  households to firms through the factor market. 
C)  firms to households through the goods market. 
D)  households to firms through the goods market. 
E)  the goods market through firms to the factor markets. 
A)  firms to households through the factor market. 
B)  households to firms through the factor market. 
C)  firms to households through the goods market. 
D)  households to firms through the goods market. 
E)  the goods market through firms to the factor markets.

Question 18

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 19

The circular flow model is used to show the

Accepted Answer

A)  flow of renewable natural resources. 
B)  recycling process of production materials. 
C)  expansions and contractions of economic activity. 
D)  flow of expenditures and incomes in the economy. 
E)  flow of supply and the flow of demand. 
A)  flow of renewable natural resources. 
B)  recycling process of production materials. 
C)  expansions and contractions of economic activity. 
D)  flow of expenditures and incomes in the economy. 
E)  flow of supply and the flow of demand.

Question 20

Goods and services produced in the United States and sold in other countries are called

Accepted Answer

A)  consumption goods and services. 
B)  capital goods. 
C)  government goods and services. 
D)  export goods and services. 
E)  import goods and services. 
A)  consumption goods and services. 
B)  capital goods. 
C)  government goods and services. 
D)  export goods and services. 
E)  import goods and services.

What is the largest source of tax revenue for the U.S.federal government and what is the largest expenditure item of the U.S.federal government?

Which of the following is an example of an effort to decrease physical capital differences between an advanced and a developing economy?

Items bought by businesses to help produce other goods and services are called

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

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

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

Capital is a factor of production.Which of the following is an example of capital? I. $1,000 in money Ii. 100 shares of Microsoft stock Iii. $10,000 in bonds issued by General Motors Iv) A drill press in your local machine shop

How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?

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

Which factor of production does human capital enhance? I. land Ii. labor Iii. capital

Margo orders a MacBook Pro computer from The Apple Store online to use it in her graphic design business. How will this be reflected in the figure above?

Items bought by individuals to provide personal enjoyment are termed

In economics, the factor of production "land" includes all of the following except ________.

Goods and services are produced by using four factors of production:

In the circular flow model,

In the advanced economies, of the factories use advanced capital equipment and in the developing economies of the factories use advanced capital equipment

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

A market is defined as

The circular flow model is used to show the

Goods and services produced in the United States and sold in other countries are called

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

What is the largest source of tax revenue for the U.S.federal government and what is the largest expenditure item of the U.S.federal government?

Which of the following is an example of an effort to decrease physical capital differences between an advanced and a developing economy?

Items bought by businesses to help produce other goods and services are called

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

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

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

Capital is a factor of production.Which of the following is an example of capital? I. $1,000 in money Ii. 100 shares of Microsoft stock Iii. $10,000 in bonds issued by General Motors Iv) A drill press in your local machine shop

How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?

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

Which factor of production does human capital enhance? I. land Ii. labor Iii. capital

Margo orders a MacBook Pro computer from The Apple Store online to use it in her graphic design business. How will this be reflected in the figure above?

Items bought by individuals to provide personal enjoyment are termed

In economics, the factor of production "land" includes all of the following except ________.

Goods and services are produced by using four factors of production:

In the circular flow model,

In the advanced economies, ________ of the factories use advanced capital equipment and in the developing economies ________ of the factories use advanced capital equipment

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

A market is defined as

The circular flow model is used to show the

Goods and services produced in the United States and sold in other countries are called

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

In the advanced economies, of the factories use advanced capital equipment and in the developing economies of the factories use advanced capital equipment