Exam 2: The Us and Global Economies

The personal distribution of income measures which of the following?

State and local governments spend about ________ of their expenditures on education.

________ economies include ________.

U.S. exports of goods and services flow to households and firms in ________ and U.S. financial inflows of capital flow to households and firms in ________.

Approximately ________ people live in the United States and ________ people live in the world.

State and local governments finance expenditures mainly from

Which factor of production does human capital enhance? I. land Ii. labor Iii. capital

What would be an example of government good?

What effect, if any, will a good college education have on your human capital? Explain your answer.

What would be an example of capital good?

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

________ choose the quantities of goods and services to produce, while ________ choose the quantities of goods and services to buy

It is conventional to divide the nation's total production into four categories. Name and explain the four categories. In the United States, which category accounts for the largest share and the smallest share of the nation's total production?

Which of the following is a consumption good or service?

The emerging market economies are

In the circular flow model, the factor markets are the markets in which

The income paid for the use of land is called

The productive resource that includes all the "gifts of nature" is called

A circular flow model shows the interrelationship between the ________ market and the ________ markets.

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