Exam 2: The Us and Global Economies

According to the functional distribution of income, in the United States

Which of the following is NOT shown explicitly in the circular flow model?

In the circular flow model, which of the following is on the selling side in the goods market?

Of the following, the largest single component of U.S. federal government expenditures is spent on

What is the largest source of tax revenue for the U.S. federal government and what is the largest expenditure item of the U.S. federal government?

Of the following, the country with the highest average income per day in the world is

Which of following groups of countries are all advanced economies?

In the circular flow model with the government sector, taxes

Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market

An example of a U.S. export is

In the circular flow model,

In the circular flow model, rent, wages, interest, and profit paid flow from ________ through ________ to ________.

What is a market? Must a market have a single physical location?

In the United States, the productive factor that, as a group, receives the largest fraction of the nation's total income was

A money flow in the circular flow diagram is i) the government's collection of taxes. Ii) Chevrolet's production of SUVs. Iii) Nike's payment of wages to its workers.

Most of the world's population lives in

Wages are paid to ________ and interest is paid to ________.

In the United States, which factor of production earns the largest share of the nation's total income?

The productive resource that organizes labor, land, and capital is

The charitable organization Creating Hope International trains women in Afghanistan to become tailors. This effort reduces