Exam 2: The Us and Global Economies

________ paid for the use of land; ________ paid for the services of labor; and ________ paid for the use of capital.

Human capital ________ as you work. As a result, the ________ of goods and services ________.

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

The owners of the resource ________ are paid ________.

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?

The income earned by entrepreneurs is

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

In the circular flow model, which of the following owns the factors of production?

What are the payments each factor of production receives?

Households receive transfers from ________ and firms receive transfers from ________.

The personal distribution of income in the United States shows that

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

The circular flow model is used to show the

In the goods market, firms ________ and households ________.

The concept of human capital describes

Which factor of production is paid "profit"?

In the United States, the poorest 20 percent of households earn roughly ________ percent of total income.

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

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

Within the circular flow model, economists define households as