Exam 2: The Us and Global Economies

The income paid to labor is called

What would be an example of consumption good?

The functional distribution of income measures which of the following?

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

In the circular flow model, which of the following is on the buying side in the goods market? I. firms Ii. households Iii. federal, state, and local governments

An example of a real flow in the circular flow diagram is

Human capital can be increased through

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

Physical capital differences across countries can be seen in the fact that

Terri is enrolled in her first economics course. She is required to give a presentation about the circular flow. Which of the following statements should she include in her presentation?

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

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

The majority of the income earned in the United States is paid in

Explain the difference between consumption and capital goods.

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

The majority of the value of production in the world economy is produced in

Explain the differences between "human capital," "financial capital," and "capital."

As a factor of production, oil reserves are counted as

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

Entrepreneurship, as a factor of production, refers to