Exam 2: The Usand Global Economies

Which of the following is true? I.The advanced economies account for more than half of global production. Ii. Almost four out of every five people in the world live in the developing economies. Iii.In the advanced economies, agriculture accounts for a larger part of total production than in the developing economies.

The United States possesses a large amount of human capital.As a result of this fact, in the United States there is a

The emerging market economies are

Which of the following are sources of revenue for state and local governments? I. property taxes Ii. sales taxes Iii. transfers from the federal government

In the goods market, firms ________ and households ________.

2.5 Chapter Figures The figure above shows the circular flow model. -In the figure above, which of the following transactions take place in the factor markets? I.Michael, a student, orders a computer from Dell online. Ii.Peter gets a job at a Wal-Mart store. Iii.Apple Computer opens a new store in Georgia

The International Monetary Fund divides nations into three groups.What are the three groups and what are the characteristics of each group?

The U.S.population is roughly ________ percent of the world population.

Describe the circular flow of the economy by discussing the two markets where households and firms meet.

In the circular flow model, who hires the factors of production in the factor markets?

What would be an example of government good?

In the circular flow model, which of the following is on the selling side in the goods market?

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

What is a market? Must a market have a single physical location?

Entrepreneurship, as a factor of production, refers to

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

The largest component of federal government spending is for

Which factor of production is paid "profit"?

Which of the following is NOT a function of the federal government?

In the circular flow model with the government sector, taxes