Question 1

Human capital can be increased through

Accepted Answer

A) investment in new technology. 
B) education,on-the-job training,and work experience. 
C) investment in new machinery. 
D) decreases in population. 
E) increasing the nation's production of consumption goods. 
A) investment in new technology. 
B) education,on-the-job training,and work experience. 
C) investment in new machinery. 
D) decreases in population. 
E) increasing the nation's production of consumption goods.

Question 2

Which of the following correctly describes how the "global pie is baked"?

Accepted Answer

A) Advanced economies account for about 50 percent of the value of the world's production. 
B) The United States' share of economic pie is increasing while China's share is decreasing. 
C) The increase in manufacturing has taken place in mainly the advanced economies. 
D) Asia accounts for about 40 percent of the global pie. 
E) Emerging economies account for about 25 percent of the global pie. 
A) Advanced economies account for about 50 percent of the value of the world's production. 
B) The United States' share of economic pie is increasing while China's share is decreasing. 
C) The increase in manufacturing has taken place in mainly the advanced economies. 
D) Asia accounts for about 40 percent of the global pie. 
E) Emerging economies account for about 25 percent of the global pie.

Question 3

The largest share of total production in the United States is

Accepted Answer

A) consumption goods and services. 
B) capital goods. 
C) government goods and services. 
D) exported goods and services. 
E) imported goods and services. 
A) consumption goods and services. 
B) capital goods. 
C) government goods and services. 
D) exported goods and services. 
E) imported goods and services.

Question 4

Which of the following are sources of revenue for state and local governments?
I.property taxes
Ii.sales taxes
Iii.transfers from the federal government

Accepted Answer

A) i and ii 
B) ii and iii 
C) i and iii 
D) i,ii and iii 
E) i only 
A) i and ii 
B) ii and iii 
C) i and iii 
D) i,ii and iii 
E) i only

Question 5

Dividing the nation's income among the factors of production,the largest percentage is paid to

Accepted Answer

A) labor. 
B) land. 
C) capital. 
D) entrepreneurship. 
E) labor and capital,with each receiving about 41 percent of the total income. 
A) labor. 
B) land. 
C) capital. 
D) entrepreneurship. 
E) labor and capital,with each receiving about 41 percent of the total income.

Question 6

How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?

Accepted Answer

There are approximately 7 billion people

Question 7

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 311

Question 8

The total value of capital in the United States is around

Accepted Answer

A) $50 trillion. 
B) $10 trillion. 
C) $79 trillion. 
D) $100 trillion. 
E) $145 trillion. 
A) $50 trillion. 
B) $10 trillion. 
C) $79 trillion. 
D) $100 trillion. 
E) $145 trillion.

Question 9

Which of the following is NOT considered one of the factors of production?

Accepted Answer

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

Question 10

In the circular flow model,which of the following owns the factors of production?

Accepted Answer

A) only federal,state,and local governments 
B) only households 
C) only firms 
D) both firms and households 
E) firms,households,and all levels of government 
A) only federal,state,and local governments 
B) only households 
C) only firms 
D) both firms and households 
E) firms,households,and all levels of government

Question 11

Label the flows in the simplified circular flow diagram that ignores the government.

Accepted Answer

@#IMG-DLM& The figur

Question 12

In the circular flow model,

Accepted Answer

A) the government is represented as a separate market. 
B) the government buys goods and services from firms. 
C) goods and services are sold by households and purchased by firms. 
D) factor markets are where goods rather than services are bought and sold. 
E) the government has no direct interaction with either households or firms. 
A) the government is represented as a separate market. 
B) the government buys goods and services from firms. 
C) goods and services are sold by households and purchased by firms. 
D) factor markets are where goods rather than services are bought and sold. 
E) the government has no direct interaction with either households or firms.

Question 13

Explain how public goods provided by the federal government differ from public goods provided by the state and local governments.

Accepted Answer

The federal government provides goods an

Question 14

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

Accepted Answer

A) consumption goods and services are bought and sold. 
B) government goods and services are provided. 
C) land,labor,capital,and entrepreneurship are bought and sold. 
D) investment goods and services are bought and sold. 
E) governments impose all their taxes. 
A) consumption goods and services are bought and sold. 
B) government goods and services are provided. 
C) land,labor,capital,and entrepreneurship are bought and sold. 
D) investment goods and services are bought and sold. 
E) governments impose all their taxes.

Question 15

The largest component of federal government spending is for

Accepted Answer

A) national defense. 
B) Medicare and Medicaid. 
C) education. 
D) prisons. 
E) interest on the national debt. 
A) national defense. 
B) Medicare and Medicaid. 
C) education. 
D) prisons. 
E) interest on the national debt.

Question 16

________ choose the quantities of factors of production to hire,and ________ choose the quantities of goods and services to produce.

Accepted Answer

A) Entrepreneurs;firms 
B) Firms;firms 
C) Markets;markets 
D) Factor markets;goods markets 
E) Firms;households 
A) Entrepreneurs;firms 
B) Firms;firms 
C) Markets;markets 
D) Factor markets;goods markets 
E) Firms;households

Question 17

What is meant by the term "human capital"?

Accepted Answer

Human capital refers to the skills peopl

Question 18

In the United States,the poorest 20 percent of households earn roughly ________ percent of total income.

Accepted Answer

A) 20 
B) 10 
C) 15 
D) 3 
E) 0.5 
A) 20 
B) 10 
C) 15 
D) 3 
E) 0.5

Question 19

Which of the following has been the bigger contributor to increases in the quantity of labor in the Unites States during the past 50 years?

Accepted Answer

A) The proportion of men taking paid jobs has trended up. 
B) The proportion of women taking paid jobs has trended up. 
C) The proportion of young adults entering college has trended down. 
D) The proportion of seniors taking early retirement has trended down. 
E) Total population growth has increased dramatically. 
A) The proportion of men taking paid jobs has trended up. 
B) The proportion of women taking paid jobs has trended up. 
C) The proportion of young adults entering college has trended down. 
D) The proportion of seniors taking early retirement has trended down. 
E) Total population growth has increased dramatically.

Question 20

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

Accepted Answer

A) Households;firms 
B) Firms;households and the government 
C) The government;firms 
D) Firms;only households 
E) Households;the government 
A) Households;firms 
B) Firms;households and the government 
C) The government;firms 
D) Firms;only households 
E) Households;the government

Human capital can be increased through

Which of the following correctly describes how the "global pie is baked"?

The largest share of total production in the United States is

Which of the following are sources of revenue for state and local governments? I.property taxes Ii.sales taxes Iii.transfers from the federal government

Dividing the nation's income among the factors of production,the largest percentage is paid to

How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?

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?

The total value of capital in the United States is around

Which of the following is NOT considered one of the factors of production?

In the circular flow model,which of the following owns the factors of production?

Label the flows in the simplified circular flow diagram that ignores the government.

In the circular flow model,

Explain how public goods provided by the federal government differ from public goods provided by the state and local governments.

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

The largest component of federal government spending is for

choose the quantities of factors of production to hire,and choose the quantities of goods and services to produce.

What is meant by the term "human capital"?

In the United States,the poorest 20 percent of households earn roughly ________ percent of total income.

Which of the following has been the bigger contributor to increases in the quantity of labor in the Unites States during the past 50 years?

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

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 can be increased through

Which of the following correctly describes how the "global pie is baked"?

The largest share of total production in the United States is

Which of the following are sources of revenue for state and local governments? I.property taxes Ii.sales taxes Iii.transfers from the federal government

Dividing the nation's income among the factors of production,the largest percentage is paid to

How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?

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?

The total value of capital in the United States is around

Which of the following is NOT considered one of the factors of production?

In the circular flow model,which of the following owns the factors of production?

Label the flows in the simplified circular flow diagram that ignores the government.

In the circular flow model,

Explain how public goods provided by the federal government differ from public goods provided by the state and local governments.

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

The largest component of federal government spending is for

________ choose the quantities of factors of production to hire,and ________ choose the quantities of goods and services to produce.

What is meant by the term "human capital"?

In the United States,the poorest 20 percent of households earn roughly ________ percent of total income.

Which of the following has been the bigger contributor to increases in the quantity of labor in the Unites States during the past 50 years?

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

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

choose the quantities of factors of production to hire,and choose the quantities of goods and services to produce.

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