Question 1

An export good is a good produced

Accepted Answer

A) in the United States and sold to foreigners living in the United States. 
B) by foreigners in the United States and purchased by U.S.households. 
C) in another country and purchased by U.S.residents. 
D) in the United States and sold in other countries. 
E) in another country and purchased by foreigners not residing in the United States. 
A) in the United States and sold to foreigners living in the United States. 
B) by foreigners in the United States and purchased by U.S.households. 
C) in another country and purchased by U.S.residents. 
D) in the United States and sold in other countries. 
E) in another country and purchased by foreigners not residing in the United States.

Question 2

In the factor market,firms ________ and households ________.

Accepted Answer

A) hire land,labor,capital,and entrepreneurship services;purchase goods and services 
B) supply land,labor,capital,and entrepreneurship services;hire land,labor,capital,and entrepreneurship services 
C) pay rent,wages,interest,and profit;earn rent,wages,interest,and profit 
D) purchase goods and services;supply goods and services 
E) supply goods and services;purchase goods and services 
A) hire land,labor,capital,and entrepreneurship services;purchase goods and services 
B) supply land,labor,capital,and entrepreneurship services;hire land,labor,capital,and entrepreneurship services 
C) pay rent,wages,interest,and profit;earn rent,wages,interest,and profit 
D) purchase goods and services;supply goods and services 
E) supply goods and services;purchase goods and services

Question 3

In the United States,the richest 20 percent of households receive about ________ percent of total income.

Accepted Answer

A) 4 
B) 15 
C) 23 
D) 50 
E) 33 
A) 4 
B) 15 
C) 23 
D) 50 
E) 33

Question 4

In the circular flow model,

Accepted Answer

A) only firms sell in markets. 
B) only households buy from markets. 
C) some firms only sell and some firms only buy. 
D) the money used to buy goods and the goods themselves travel in the same direction. 
E) both firms and households buy or sell in different markets. 
A) only firms sell in markets. 
B) only households buy from markets. 
C) some firms only sell and some firms only buy. 
D) the money used to buy goods and the goods themselves travel in the same direction. 
E) both firms and households buy or sell in different markets.

Question 5

Poland is classified as

Accepted Answer

A) an advanced economy. 
B) a developing economy. 
C) a transition economy. 
D) an emerging market economy. 
E) private economy. 
A) an advanced economy. 
B) a developing economy. 
C) a transition economy. 
D) an emerging market economy. 
E) private economy.

Question 6

As the circular flow model shows,the factors of production flow from

Accepted Answer

A) firms to households through the factor market. 
B) households to firms through the factor market. 
C) firms to households through the goods market. 
D) households to firms through the goods market. 
E) the goods market through firms to the factor markets. 
A) firms to households through the factor market. 
B) households to firms through the factor market. 
C) firms to households through the goods market. 
D) households to firms through the goods market. 
E) the goods market through firms to the factor markets.

Question 7

In the circular flow model with the government sector,taxes

Accepted Answer

A) flow in the opposite direction as do transfers. 
B) flow in the same direction as do transfers. 
C) on households flow in the same direction as do the goods and services. 
D) on firms flow in the same direction as do factors of production. 
E) flow from the goods market to the factor markets. 
A) flow in the opposite direction as do transfers. 
B) flow in the same direction as do transfers. 
C) on households flow in the same direction as do the goods and services. 
D) on firms flow in the same direction as do factors of production. 
E) flow from the goods market to the factor markets.

Question 8

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

Accepted Answer

A) requires a physical location for buyers and sellers to get together. 
B) is any arrangement that brings buyers and sellers together. 
C) must include a written contract between buyers and sellers. 
D) is only a place to purchase groceries. 
E) must have many buyers and only one seller,who is willing to sell to all the buyers. 
A) requires a physical location for buyers and sellers to get together. 
B) is any arrangement that brings buyers and sellers together. 
C) must include a written contract between buyers and sellers. 
D) is only a place to purchase groceries. 
E) must have many buyers and only one seller,who is willing to sell to all the buyers.

Question 9

________ is the human resource that organizes labor,land,and capital.

Accepted Answer

A) Human capital 
B) Human skill 
C) A gift of nature 
D) Entrepreneurship 
E) Profit 
A) Human capital 
B) Human skill 
C) A gift of nature 
D) Entrepreneurship 
E) Profit

Question 10

Approximately ________ people live in the United States and ________ people live in the world.

Accepted Answer

A) 410 million;8 billion 
B) 310 million;7 billion 
C) 210 million;5 billion 
D) 310 million;3 billion 
E) 210 million;6 billion 
A) 410 million;8 billion 
B) 310 million;7 billion 
C) 210 million;5 billion 
D) 310 million;3 billion 
E) 210 million;6 billion

Question 11

The difference between consumption and capital goods is that

Accepted Answer

A) only big corporations can afford capital goods. 
B) capital goods are used to produce additional goods while consumption goods are not. 
C) capital goods are provided by the government. 
D) consumption goods can be enjoyed by many people at the same time. 
E) it is illegal to export capital goods. 
A) only big corporations can afford capital goods. 
B) capital goods are used to produce additional goods while consumption goods are not. 
C) capital goods are provided by the government. 
D) consumption goods can be enjoyed by many people at the same time. 
E) it is illegal to export capital goods.

Question 12

Draw a circular flow diagram with households and firms and without government.Label the markets and the flows in the circular flow diagram.

Accepted Answer

@#IMG-DLM& A circular flow dia

Question 13

The most people live in ________ economies,and the fewest people live in ________ economies.

Accepted Answer

A) developing;emerging market 
B) advanced;emerging market 
C) advanced;developing 
D) emerging market;developing 
E) developing;advanced 
A) developing;emerging market 
B) advanced;emerging market 
C) advanced;developing 
D) emerging market;developing 
E) developing;advanced

Question 14

Discuss the differences between developing and emerging market economies.

Accepted Answer

Although the average income in emerging

Question 15

Which of the following correctly lists the categories of factors of production?

Accepted Answer

A) machines,buildings,land,and money 
B) hardware,software,land,and money 
C) capital,money,and labor 
D) owners,workers,and consumers 
E) land,labor,capital,and entrepreneurship 
A) machines,buildings,land,and money 
B) hardware,software,land,and money 
C) capital,money,and labor 
D) owners,workers,and consumers 
E) land,labor,capital,and entrepreneurship

Question 16

Which of the following correctly lists the categories of factors of production?

Accepted Answer

A) land,labor,capital,and entrepreneurship 
B) land,buildings,capital,and entrepreneurship 
C) labor,machines,buildings,capital,and entrepreneurship 
D) forests,fish,buildings,capital,and entrepreneurship 
E) labor,money,stocks,and bonds 
A) land,labor,capital,and entrepreneurship 
B) land,buildings,capital,and entrepreneurship 
C) labor,machines,buildings,capital,and entrepreneurship 
D) forests,fish,buildings,capital,and entrepreneurship 
E) labor,money,stocks,and bonds

Question 17

The richest 20 percent of individuals in the United States receive about ________ of the nation's total income.

Accepted Answer

A) 21 percent 
B) 51 percent 
C) 91 percent 
D) 99 percent 
E) 23 percent 
A) 21 percent 
B) 51 percent 
C) 91 percent 
D) 99 percent 
E) 23 percent

Question 18

Which of the following is not considered a factor of production?

Accepted Answer

A) money 
B) capital 
C) land 
D) entrepreneurial ideas 
E) labor 
A) money 
B) capital 
C) land 
D) entrepreneurial ideas 
E) labor

Question 19

Which of the following is NOT a function of the federal government?

Accepted Answer

A) collecting property taxes 
B) making Social Security and welfare payments 
C) making transfers to state and local governments 
D) providing public goods and services 
E) imposing a personal income tax 
A) collecting property taxes 
B) making Social Security and welfare payments 
C) making transfers to state and local governments 
D) providing public goods and services 
E) imposing a personal income tax

Question 20

Physical capital differences across countries can be seen in the fact that

Accepted Answer

A) more advanced economies typically have more sophisticated technology. 
B) furniture factories in China use machines like those in North Carolina. 
C) students in India study the same subjects as those in the United States. 
D) advanced economies produce 53 percent of the world's income. 
E) the iPhone's components are produced in 30 countries. 
A) more advanced economies typically have more sophisticated technology. 
B) furniture factories in China use machines like those in North Carolina. 
C) students in India study the same subjects as those in the United States. 
D) advanced economies produce 53 percent of the world's income. 
E) the iPhone's components are produced in 30 countries.

An export good is a good produced

In the factor market,firms and households .

In the United States,the richest 20 percent of households receive about ________ percent of total income.

In the circular flow model,

Poland is classified as

As the circular flow model shows,the factors of production flow from

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

________ is the human resource that organizes labor,land,and capital.

Approximately people live in the United States and people live in the world.

The difference between consumption and capital goods is that

Draw a circular flow diagram with households and firms and without government.Label the markets and the flows in the circular flow diagram.

The most people live in economies,and the fewest people live in economies.

Discuss the differences between developing and emerging market economies.

Which of the following correctly lists the categories of factors of production?

Which of the following correctly lists the categories of factors of production?

The richest 20 percent of individuals in the United States receive about ________ of the nation's total income.

Which of the following is not considered a factor of production?

Which of the following is NOT a function of the federal government?

Physical capital differences across countries can be seen in the fact that

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

An export good is a good produced

In the factor market,firms ________ and households ________.

In the United States,the richest 20 percent of households receive about ________ percent of total income.

In the circular flow model,

Poland is classified as

As the circular flow model shows,the factors of production flow from

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

________ is the human resource that organizes labor,land,and capital.

Approximately ________ people live in the United States and ________ people live in the world.

The difference between consumption and capital goods is that

Draw a circular flow diagram with households and firms and without government.Label the markets and the flows in the circular flow diagram.

The most people live in ________ economies,and the fewest people live in ________ economies.

Discuss the differences between developing and emerging market economies.

Which of the following correctly lists the categories of factors of production?

Which of the following correctly lists the categories of factors of production?

The richest 20 percent of individuals in the United States receive about ________ of the nation's total income.

Which of the following is not considered a factor of production?

Which of the following is NOT a function of the federal government?

Physical capital differences across countries can be seen in the fact that

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

In the factor market,firms and households .

Approximately people live in the United States and people live in the world.

The most people live in economies,and the fewest people live in economies.