Exam 2: The U.S.and Global Economies

A real flow in the circular flow diagram is i.a firm's payments of wages to its workers. ii.a household's purchase of a new car. iii.a farmer's use of land to grow corn.

Capital is a factor of production.Which of the following is an example of capital? i.$1,000 in money ii.100 shares of Microsoft stock iii.$10,000 in bonds issued by General Motors iv.a drill press in your local machine shop

Discuss the differences between developing and emerging market economies.

Which factor of production is paid "interest"?

The functional distribution of income measures which of the following?

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

What would be an example of capital good?

In the circular flow model with the government sector,taxes

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

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

Computers and insurance coverage produced in the United States and sold to people in other nations are categorized as

Goods and services produced in the United States and sold in other countries are called

In the circular flow model,which of the following is on the buying side in the goods market? i.firms ii.households iii.federal,state,and local governments

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

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

Compared to the developing economies,the advanced economies have ________ human capital and ________ physical capital.

The total value of capital in the United States is around

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

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

Aaron locked himself out of his house and had to pay $40 to Brianna,who works for Lucky Locksmith,to open his door.Based on this transaction in the economy and using concepts from the circular flow model,which of the following is true?