Exam 2: The Usand Global Economies

Within the circular flow model,economists define households as

What are the payments each factor of production receives?

What would be an example of consumption good?

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

The concept of human capital describes

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.

The largest category of state and local government expenditures is

Most countries in the world are classified as

In the circular flow model,consumption goods are bought and sold in the

Of the following,the largest source of tax revenue collected by state and local governments comes from

Which of the following is an example of an effort to decrease physical capital differences between an advanced and a developing economy?

The majority of the income earned in the United States is paid in

If there is a national debt,we can conclude that the federal government has

When Ethan continues his education beyond high school,he is increasing his

Describe the circular flow of the economy by discussing the two markets where households and firms meet.

Items bought by businesses to help produce other goods and services are called

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

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?

The income paid to labor is called

________ economies include ________.