Question 1

Human capital is

Accepted Answer

A) solely the innate ability we are born with. 
B) the money humans have saved. 
C) the knowledge humans accumulate through education and experience. 
D) machinery that needs human supervision. 
E) any type of machinery. 
A) solely the innate ability we are born with. 
B) the money humans have saved. 
C) the knowledge humans accumulate through education and experience. 
D) machinery that needs human supervision. 
E) any type of machinery.

Question 2

________ are the largest components of state and local government revenue.

Accepted Answer

A) Transfers from federal government and corporate income taxes 
B) Transfers from federal government and sales taxes 
C) Individual income taxes and corporate income taxes 
D) Individual income taxes and sales taxes 
E) Corporate income taxes and lottery income 
A) Transfers from federal government and corporate income taxes 
B) Transfers from federal government and sales taxes 
C) Individual income taxes and corporate income taxes 
D) Individual income taxes and sales taxes 
E) Corporate income taxes and lottery income

Question 3

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?

Accepted Answer

A) as a flow of a factor of production 
B) as a flow of goods and services bought 
C) as expenditures on goods and services 
D) as goods and services supplied 
E) It won't be shown in the figure because this transaction takes place neither in goods markets nor in factor markets. 
A) as a flow of a factor of production 
B) as a flow of goods and services bought 
C) as expenditures on goods and services 
D) as goods and services supplied 
E) It won't be shown in the figure because this transaction takes place neither in goods markets nor in factor markets.

Question 4

The circular flow model is used to show the

Accepted Answer

A) flow of renewable natural resources. 
B) recycling process of production materials. 
C) expansions and contractions of economic activity. 
D) flow of expenditures and incomes in the economy. 
E) flow of supply and the flow of demand. 
A) flow of renewable natural resources. 
B) recycling process of production materials. 
C) expansions and contractions of economic activity. 
D) flow of expenditures and incomes in the economy. 
E) flow of supply and the flow of demand.

Question 5

The emerging market economies are

Accepted Answer

A) the largest grouping including the nations of China and India. 
B) in transition from state-owned production to free markets. 
C) most of the nations of Western Europe. 
D) the nations that are currently agricultural in nature. 
E) the nations with the highest standards of living. 
A) the largest grouping including the nations of China and India. 
B) in transition from state-owned production to free markets. 
C) most of the nations of Western Europe. 
D) the nations that are currently agricultural in nature. 
E) the nations with the highest standards of living.

Question 6

Income equality has

Accepted Answer

A) increased within countries but has narrowed across countries. 
B) not changed in the advanced economies over the past 50 years. 
C) narrowed within countries but increased across countries. 
D) increased in developing economies as manufacturing has decreased. 
E) decreased in the United States as manufacturing has increased. 
A) increased within countries but has narrowed across countries. 
B) not changed in the advanced economies over the past 50 years. 
C) narrowed within countries but increased across countries. 
D) increased in developing economies as manufacturing has decreased. 
E) decreased in the United States as manufacturing has increased.

Question 7

The circular flow model shows the

Accepted Answer

A) distribution of income and consumption goods across income levels. 
B) combinations of the factors of production needed to produce goods and services. 
C) flow of expenditure and incomes that arise from the households',firms',and governments' decisions. 
D) flow of natural resources from firms to the private market to government and back to firms. 
E) distribution of income to the different factors of production. 
A) distribution of income and consumption goods across income levels. 
B) combinations of the factors of production needed to produce goods and services. 
C) flow of expenditure and incomes that arise from the households',firms',and governments' decisions. 
D) flow of natural resources from firms to the private market to government and back to firms. 
E) distribution of income to the different factors of production.

Question 8

Which of the following is NOT considered capital?

Accepted Answer

A) an assembly line at a General Motors plant 
B) a computer used by your instructor for presentations in class 
C) stocks and bonds that are sold by Pepsico 
D) the furniture in the President's office 
E) a nail gun used for building houses 
A) an assembly line at a General Motors plant 
B) a computer used by your instructor for presentations in class 
C) stocks and bonds that are sold by Pepsico 
D) the furniture in the President's office 
E) a nail gun used for building houses

Question 9

Goods and services bought by the government account for about ________ percent of total production.

Accepted Answer

A) 2 
B) 8 
C) 17 
D) 35 
E) 67 
A) 2 
B) 8 
C) 17 
D) 35 
E) 67

Question 10

Of the following,the largest source of revenue for the federal government is

Accepted Answer

A) personal income taxes. 
B) sales taxes. 
C) corporate income taxes. 
D) property taxes. 
E) lottery revenue. 
A) personal income taxes. 
B) sales taxes. 
C) corporate income taxes. 
D) property taxes. 
E) lottery revenue.

Question 11

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?

Accepted Answer

The largest source of tax revenue for th

Human capital is

________ are the largest components of state and local government revenue.

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?

The circular flow model is used to show the

The emerging market economies are

Income equality has

The circular flow model shows the

Which of the following is NOT considered capital?

Goods and services bought by the government account for about ________ percent of total production.

Of the following,the largest source of revenue for the federal government is

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?

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 Usand Global Economies

Human capital is

________ are the largest components of state and local government revenue.

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?

The circular flow model is used to show the

The emerging market economies are

Income equality has

The circular flow model shows the

Which of the following is NOT considered capital?

Goods and services bought by the government account for about ________ percent of total production.

Of the following,the largest source of revenue for the federal government is

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?

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