Question 1

The figure above shows governments in the circular flow.
-In the figure above,households

Accepted Answer

A) receive transfers directly from governments. 
B) buy goods and services from governments in goods markets. 
C) receive transfers from governments through factor markets. 
D) sell factors of production to governments. 
E) pay taxes to governments through factor markets. 
A) receive transfers directly from governments. 
B) buy goods and services from governments in goods markets. 
C) receive transfers from governments through factor markets. 
D) sell factors of production to governments. 
E) pay taxes to governments through factor markets.

Question 2

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

Accepted Answer

The International Monetary Fund divides

Question 3

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

Accepted Answer

A) household;goods 
B) household;factor 
C) business;household 
D) expenditure;income 
E) goods;factor 
A) household;goods 
B) household;factor 
C) business;household 
D) expenditure;income 
E) goods;factor

Question 4

The circular flow model shows that goods and services flow from

Accepted Answer

A) businesses to households. 
B) households to business. 
C) the factor market to businesses. 
D) the goods market to businesses. 
E) the factor markets to the goods markets. 
A) businesses to households. 
B) households to business. 
C) the factor market to businesses. 
D) the goods market to businesses. 
E) the factor markets to the goods markets.

Question 5

An item that is purchased to increase businesses' productive resources is

Accepted Answer

A) an export. 
B) a government good. 
C) a capital good. 
D) a consumption good. 
E) a productive good. 
A) an export. 
B) a government good. 
C) a capital good. 
D) a consumption good. 
E) a productive good.

Question 6

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

Accepted Answer

A) labor. 
B) capital. 
C) consumption goods and services. 
D) entrepreneurship. 
E) land. 
A) labor. 
B) capital. 
C) consumption goods and services. 
D) entrepreneurship. 
E) land.

Question 7

Capital is a factor of production.An example of capital as a factor of production is

Accepted Answer

A) money. 
B) stocks. 
C) bonds. 
D) machines. 
E) education. 
A) money. 
B) stocks. 
C) bonds. 
D) machines. 
E) education.

Question 8

The functional distribution of income measures which of the following?

Accepted Answer

A) how federal tax revenues are related to the business function that employs taxpayers 
B) the distribution of earnings by the factors of production 
C) the proportion of income generated by the four types of expenditures on goods and services 
D) the distribution of income among households 
E) the distribution of income among nations 
A) how federal tax revenues are related to the business function that employs taxpayers 
B) the distribution of earnings by the factors of production 
C) the proportion of income generated by the four types of expenditures on goods and services 
D) the distribution of income among households 
E) the distribution of income among nations

Question 9

The Colorado Ski Shop sold 60 ski jackets to a Belgian 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 10

A market is defined as

Accepted Answer

A) the physical place where goods (but not services)are sold. 
B) the physical place where goods and services are sold. 
C) any arrangement that brings buyers and sellers together. 
D) a place where money is exchanged for goods. 
E) another name for a store. 
A) the physical place where goods (but not services)are sold. 
B) the physical place where goods and services are sold. 
C) any arrangement that brings buyers and sellers together. 
D) a place where money is exchanged for goods. 
E) another name for a store.

Question 11

An example of a capital good is

Accepted Answer

A) a fiber optic cable TV system. 
B) an insurance policy. 
C) a haircut. 
D) an iPod. 
E) a slice of pizza. 
A) a fiber optic cable TV system. 
B) an insurance policy. 
C) a haircut. 
D) an iPod. 
E) a slice of pizza.

Question 12

What would be an example of capital good?

Accepted Answer

A) Jeanette buys a new dress. 
B) The local driver's license office purchases a new digital camera and printer. 
C) Antonio,the manager of the local Taco Hut,purchases a new deep fryer. 
D) Apple sells computers to Japan. 
E) Rhianna gets a haircut. 
A) Jeanette buys a new dress. 
B) The local driver's license office purchases a new digital camera and printer. 
C) Antonio,the manager of the local Taco Hut,purchases a new deep fryer. 
D) Apple sells computers to Japan. 
E) Rhianna gets a haircut.

Question 13

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

Accepted Answer

A) land. 
B) labor. 
C) capital. 
D) entrepreneurship. 
E) land if undeveloped and capital if developed. 
A) land. 
B) labor. 
C) capital. 
D) entrepreneurship. 
E) land if undeveloped and capital if developed.

Question 14

The percentage of the world's population that lives in the advanced economies is

Accepted Answer

A) more than 71 percent. 
B) between 51 percent and 70 percent. 
C) between 31 percent and 50 percent. 
D) between 20 percent and 30 percent. 
E) less than 20 percent. 
A) more than 71 percent. 
B) between 51 percent and 70 percent. 
C) between 31 percent and 50 percent. 
D) between 20 percent and 30 percent. 
E) less than 20 percent.

Question 15

Most of the world's population lives in

Accepted Answer

A) advanced economies. 
B) developing economies. 
C) transition economies. 
D) emerging market economies. 
E) island nations. 
A) advanced economies. 
B) developing economies. 
C) transition economies. 
D) emerging market economies. 
E) island nations.

Question 16

Of the following,the federal government obtains most revenue from

Accepted Answer

A) excise taxes. 
B) sales taxes. 
C) corporate income taxes. 
D) Social Security taxes. 
E) property taxes. 
A) excise taxes. 
B) sales taxes. 
C) corporate income taxes. 
D) Social Security taxes. 
E) property taxes.

Question 17

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

Accepted Answer

Human capital is the knowledge and skill

Question 18

What would be an example of government good?

Accepted Answer

A) Jake buys an iPhone. 
B) The local driver's license office purchases a new digital camera and printer. 
C) Antonio,the manager of the local Taco Hut,purchases a new deep fryer. 
D) Donald Trump purchases furniture for his office. 
E) Rhianna gets a haircut. 
A) Jake buys an iPhone. 
B) The local driver's license office purchases a new digital camera and printer. 
C) Antonio,the manager of the local Taco Hut,purchases a new deep fryer. 
D) Donald Trump purchases furniture for his office. 
E) Rhianna gets a haircut.

Question 19

Items bought by individuals to provide personal enjoyment are termed

Accepted Answer

A) consumption goods. 
B) personal goods. 
C) consumption or investment goods. 
D) standard goods. 
E) pleasure goods. 
A) consumption goods. 
B) personal goods. 
C) consumption or investment goods. 
D) standard goods. 
E) pleasure goods.

Question 20

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

The figure above shows governments in the circular flow. -In the figure above,households

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

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

The circular flow model shows that goods and services flow from

An item that is purchased to increase businesses' productive resources is

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

Capital is a factor of production.An example of capital as a factor of production is

The functional distribution of income measures which of the following?

The Colorado Ski Shop sold 60 ski jackets to a Belgian company's headquarters located in Paris,France.The ski jackets are a

A market is defined as

An example of a capital good is

What would be an example of capital good?

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

The percentage of the world's population that lives in the advanced economies is

Most of the world's population lives in

Of the following,the federal government obtains most revenue from

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

What would be an example of government good?

Items bought by individuals to provide personal enjoyment are termed

Which factor of production is paid "interest"?

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

The figure above shows governments in the circular flow. -In the figure above,households

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

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

The circular flow model shows that goods and services flow from

An item that is purchased to increase businesses' productive resources is

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

Capital is a factor of production.An example of capital as a factor of production is

The functional distribution of income measures which of the following?

The Colorado Ski Shop sold 60 ski jackets to a Belgian company's headquarters located in Paris,France.The ski jackets are a

A market is defined as

An example of a capital good is

What would be an example of capital good?

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

The percentage of the world's population that lives in the advanced economies is

Most of the world's population lives in

Of the following,the federal government obtains most revenue from

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

What would be an example of government good?

Items bought by individuals to provide personal enjoyment are termed

Which factor of production is paid "interest"?

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

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