Exam 2: The U.S.and Global Economies

Discuss the distribution of income around the world.Which countries have the highest average incomes? Which countries have the lowest average incomes? How has the distribution of income changed in recent years?

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

The productive resource that organizes labor,land,and capital is

What is the difference between the functional and the personal distribution of income?

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

Property taxes are a major source of revenue for

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

A market is defined as

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

Of the following,the largest source of revenue for the federal government is

Of the following,the country with the highest average income per day in the world is

Which of the following is NOT classified as an advanced economy?

The concept of human capital describes

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

What are the two largest sources of tax revenues for the U.S.federal government?

________ are the largest components of state and local government revenue.

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

What are the payments each factor of production receives?

The decisions of firms and households are

Items bought by individuals to provide personal enjoyment are termed