Question 1

2.5 Chapter Figures
   
The figure above shows the circular flow model.
-In the figure above, which of the following represents a real flow of a factor of production?

Accepted Answer

A) Labor 
B) Wages 
C) Goods bought 
D) Services sold 
E) Firms' expenditures on factors of production 
A) Labor 
B) Wages 
C) Goods bought 
D) Services sold 
E) Firms' expenditures on factors of production

Question 2

2.5 Chapter Figures
   
The figure above shows the circular flow model.
-In the figure above, which of the following represents a money flow?

Accepted Answer

A) Goods purchased 
B) Interest 
C) Capital 
D) Services sold 
E) Goods supplied 
A) Goods purchased 
B) Interest 
C) Capital 
D) Services sold 
E) Goods supplied

Question 3

Most countries in the world are classified as

Accepted Answer

A) advanced. 
B) in transition. 
C) developing. 
D) industrialized. 
E) emerging market. 
A) advanced. 
B) in transition. 
C) developing. 
D) industrialized. 
E) emerging market.

Question 4

Discuss the distribution of income around the world. Which countries have the highest average incomes?
 Which countries have the lowest average incomes?
 How has the distribution of income changed in recent years?

Accepted Answer

Income is distributed unequally, with re

Question 5

Draw a circular flow diagram with households and firms and without government. Label the markets and the flows in the circular flow diagram.

Accepted Answer

@#IMG-DLM& A circular flow dia

Question 6

What are the two largest sources of tax revenues for the U.S. federal government?

Accepted Answer

The largest source of tax revenue for th

Question 7

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

Question 8

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 9

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 10

How are the roles of the household different in the goods market and in the factor markets?

Accepted Answer

In the goods market, households are buye

Question 11

Which factor of production is paid "interest"?

Accepted Answer

A) land 
B) labor 
C) capital 
D) entrepreneurship 
E) human capital 
A) land 
B) labor 
C) capital 
D) entrepreneurship 
E) human capital

Question 12

________ is the human resource that organizes labor, land, and capital.

Accepted Answer

A) Human capital 
B) Human skill 
C) A gift of nature 
D) Entrepreneurship 
E) Profit 
A) Human capital 
B) Human skill 
C) A gift of nature 
D) Entrepreneurship 
E) Profit

Question 13

Compared to the world, the rate of U.S. population growth is

Accepted Answer

A) slower than in the world as a whole. 
B) about the same as in the world as a whole. 
C) much faster than in the world as a whole. 
D) incomparable because U.S. residents are born with a much greater chance of accumulating a lot of human capital. 
E) incomparable because we do not have accurate world population statistics. 
A) slower than in the world as a whole. 
B) about the same as in the world as a whole. 
C) much faster than in the world as a whole. 
D) incomparable because U.S. residents are born with a much greater chance of accumulating a lot of human capital. 
E) incomparable because we do not have accurate world population statistics.

Question 14

The personal distribution of income shows

Accepted Answer

A) that labor receives the largest percentage of total income. 
B) how profit accounts for the largest fraction of total income. 
C) that the richest 20 percent of households receive 23 percent of total income. 
D) that interest accounts for most of the income of the richest 20 percent of households. 
E) that the poorest 20 percent of households receive less than 4 percent of total income. 
A) that labor receives the largest percentage of total income. 
B) how profit accounts for the largest fraction of total income. 
C) that the richest 20 percent of households receive 23 percent of total income. 
D) that interest accounts for most of the income of the richest 20 percent of households. 
E) that the poorest 20 percent of households receive less than 4 percent of total income.

Question 15

The national debt is the total amount the ________ government has borrowed to make expenditures that ________ tax revenue.

Accepted Answer

A) state and local; are less than 
B) federal; are less than 
C) federal; exceed 
D) state and local; exceed 
E) federal; are equal to 
A) state and local; are less than 
B) federal; are less than 
C) federal; exceed 
D) state and local; exceed 
E) federal; are equal to

Question 16

Compare and contrast the world population with that of the United States. Is the United States becoming a larger or a smaller part of the world's population?

Accepted Answer

The U.S. population was approximately 31

Question 17

________ economies include ________.

Accepted Answer

A) Developing; Saudi Arabia and South Africa 
B) Developing; Poland and Russia 
C) Developing; China and Poland 
D) Emerging; Poland and Brazil 
E) Emerging; China and Canada 
A) Developing; Saudi Arabia and South Africa 
B) Developing; Poland and Russia 
C) Developing; China and Poland 
D) Emerging; Poland and Brazil 
E) Emerging; China and Canada

Question 18

Which of the following correctly lists the categories of factors of production?

Accepted Answer

A) land, labor, capital, and entrepreneurship 
B) land, buildings, capital, and entrepreneurship 
C) labor, machines, buildings, capital, and entrepreneurship 
D) forests, fish, buildings, capital, and entrepreneurship 
E) labor, money, stocks, and bonds 
A) land, labor, capital, and entrepreneurship 
B) land, buildings, capital, and entrepreneurship 
C) labor, machines, buildings, capital, and entrepreneurship 
D) forests, fish, buildings, capital, and entrepreneurship 
E) labor, money, stocks, and bonds

Question 19

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 20

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.

2.5 Chapter Figures The figure above shows the circular flow model. -In the figure above, which of the following represents a real flow of a factor of production?

2.5 Chapter Figures The figure above shows the circular flow model. -In the figure above, which of the following represents a money flow?

Most countries in the world are classified as

Discuss the distribution of income around the world. Which countries have the highest average incomes? Which countries have the lowest average incomes? How has the distribution of income changed in recent years?

Draw a circular flow diagram with households and firms and without government. Label the markets and the flows in the circular flow diagram.

What are the two largest sources of tax revenues for the U.S. federal government?

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

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

How are the roles of the household different in the goods market and in the factor markets?

Which factor of production is paid "interest"?

________ is the human resource that organizes labor, land, and capital.

Compared to the world, the rate of U.S. population growth is

The personal distribution of income shows

The national debt is the total amount the government has borrowed to make expenditures that tax revenue.

Compare and contrast the world population with that of the United States. Is the United States becoming a larger or a smaller part of the world's population?

economies include .

Which of the following correctly lists the categories of factors of production?

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

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

Getting Started

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Global Markets in Action

Externalities: Pollution, Education, and Health Care

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Gdp: a Measure of Total Production and Income

Jobs and Unemployment

The Cpi and the Cost of Living

Potential Gdp and Economic Growth

Money and the Monetary System

Aggregate Supply and Aggregate Demand

Fiscal Policy and Monetary Policy

Filters

Exam 2: The Us and Global Economies

2.5 Chapter Figures The figure above shows the circular flow model. -In the figure above, which of the following represents a real flow of a factor of production?

2.5 Chapter Figures The figure above shows the circular flow model. -In the figure above, which of the following represents a money flow?

Most countries in the world are classified as

Discuss the distribution of income around the world. Which countries have the highest average incomes? Which countries have the lowest average incomes? How has the distribution of income changed in recent years?

Draw a circular flow diagram with households and firms and without government. Label the markets and the flows in the circular flow diagram.

What are the two largest sources of tax revenues for the U.S. federal government?

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

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

How are the roles of the household different in the goods market and in the factor markets?

Which factor of production is paid "interest"?

________ is the human resource that organizes labor, land, and capital.

Compared to the world, the rate of U.S. population growth is

The personal distribution of income shows

The national debt is the total amount the ________ government has borrowed to make expenditures that ________ tax revenue.

Compare and contrast the world population with that of the United States. Is the United States becoming a larger or a smaller part of the world's population?

________ economies include ________.

Which of the following correctly lists the categories of factors of production?

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

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

Getting Started

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Global Markets in Action

Externalities: Pollution, Education, and Health Care

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Gdp: a Measure of Total Production and Income

Jobs and Unemployment

The Cpi and the Cost of Living

Potential Gdp and Economic Growth

Money and the Monetary System

Aggregate Supply and Aggregate Demand

Fiscal Policy and Monetary Policy

Filters

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

The national debt is the total amount the government has borrowed to make expenditures that tax revenue.

economies include .