Exam 2: The Us and Global Economies

As a percentage of total world production, production in the 29 advanced economies is about ________ percent of total world production and in the 118 developing economies is about ________ percent of total world production.

In the circular flow model, which of the following flows in the opposite direction from the flow of factors of production?

Explain the structure of the circular flow model.

In the circular flow model, consumption goods are bought and sold in the

Which of the following is NOT classified as an advanced economy?

Dividing the nation's income among the factors of production, the largest percentage is paid to

Canada is classified by the International Monetary Fund as

The richest 20 percent of individuals in the United States receive about ________ of the nation's total income.

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

Describe the government's flows in the circular flow model of the economy.

Explain how the largest sources of state tax revenues differs from the largest sources of federal tax revenues.

Social Security tax is deducted from your paycheck. In the figure above this will be shown as

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

-Label the flows in the simplified circular flow diagram that ignores the government.

The data show that more than 60 percent of the total income earned in the United States goes to

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

2.5 Chapter Figures The figure above shows the circular flow model. -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?

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

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

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