Question 1

What effect, if any, will a good college education have on your human capital?
 Explain your answer.

Accepted Answer

Human capital refers to the sk...

Question 2

Most countries in the world are classified as

Accepted Answer

A)   advanced.
B)   in transition.
C)   developing.
D)   industrialized.
E)   emerging market.

Question 3

Which of the following is not considered as one of the factors of production?

Accepted Answer

A)   Land.
B)   Labor.
C)   Capital.
D)   Technology.
E)   Entrepreneurship.

Question 4

U.S.exports of goods and services flow to households and firms in ________ and U.S.financial inflows of capital flow to households and firms in ________.

Accepted Answer

A)   the United States; the United States
B)   the United States; the rest of the world
C)   the rest of the world; the United States
D)   the rest of the world; the rest of the world
E)   the United States; the rest of the world and the United States

Question 5

In the United States, which factor of production earns the largest share of the nation's total income?

Accepted Answer

The largest fraction of the na...

Question 6

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 7

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

Accepted Answer

A)   state and local; are less than
B)   federal; are less than
C)   federal; exceed
D)   state and local; exceed
E)   federal; are equal to

Question 8

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

Accepted Answer

A)   money.
B)   stocks.
C)   bonds.
D)   machines.
E)   education.

Question 9

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 306...

Question 10

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

Question 11

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.

Question 12

Property taxes are a major source of revenue for

Accepted Answer

A)   state and local governments.
B)   the federal governments.
C)   the federal, state, and local governments.
D)   firms wanting to relocate their operations.
E)   consumers.

Question 13

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

Accepted Answer

A)   personal income taxes.
B)   corporate income taxes.
C)   property taxes.
D)   sales taxes.
E)   lottery revenues.

Question 14

________ 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

Question 15

Over time, the percentage of total employment in services has ________ and in agriculture, employment has ________.

Accepted Answer

A)   increased; increased.
B)   decreased; increased.
C)   decreased; increased
D)   stayed about the same; increased.
E)   increased; decreased.

Question 16

The figure above shows governments in the circular flow.
-In the figure above, which of the following is true?
I.Governments coordinate economic activities of households and firms.
Ii.Governments buy goods and services in goods markets.
Iii.Households pay taxes directly to firms.

Accepted Answer

A)   Only ii
B)   Only i
C)   Only iii
D)   i and ii
E)   ii and iii

Question 17

Which of following groups of countries are all advanced economies?

Accepted Answer

A)   Australia, Brazil, and the United States
B)   Hong Kong, Japan, France, and the United Kingdom
C)   Italy, the United States, China, and Russia
D)   Singapore, Russia, France, and Chad
E)   Mexico, Canada, Germany, and Egypt

Question 18

The income paid to labor is called

Accepted Answer

A)   rent.
B)   wages.
C)   interest.
D)   profit.
E)   human capital.

Question 19

Nigeria would be classified by the International Monetary Fund as

Accepted Answer

A)   an advanced economy.
B)   a developing economy.
C)   a transition economy.
D)   an emerging market economy.
E)   a resource-based economy.

Exam 2: The Usand Global Economies

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

Correct Answer
verified

In the United States, which factor of production earns the largest share of the nation's total income?

Correct Answer
verified
The largest fraction of the na...
View Answer

U.S.exports of goods and services flow to households and firms in and U.S.financial inflows of capital flow to households and firms in .

Correct Answer
verified

Most countries in the world are classified as

Correct Answer
verified

Property taxes are a major source of revenue for

Correct Answer
verified

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

Correct Answer
verified

The income paid to labor is called

Correct Answer
verified

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?

Correct Answer
verified
The U.S.population was approximately 306...
View Answer

What effect, if any, will a good college education have on your human capital? Explain your answer.

Correct Answer
verified
Human capital refers to the sk...
View Answer

Nigeria would be classified by the International Monetary Fund as

Correct Answer
verified

Which of following groups of countries are all advanced economies?

Correct Answer
verified

Over time, the percentage of total employment in services has and in agriculture, employment has .

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified
The federal government provides goods an...
View Answer

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

Correct Answer
verified

An export good is a good produced

Correct Answer
verified

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

Correct Answer
verified

The figure above shows governments in the circular flow. -In the figure above, which of the following is true? I.Governments coordinate economic activities of households and firms. Ii.Governments buy goods and services in goods markets. Iii.Households pay taxes directly to firms.

Correct Answer
verified

Which of the following is not considered as one of the factors of production?

Correct Answer
verified

Exam 2: The Usand Global Economies

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

Correct AnswerverifiedShow Answer

In the United States, which factor of production earns the largest share of the nation's total income?

Correct AnswerverifiedThe largest fraction of the na...View AnswerShow Answer

U.S.exports of goods and services flow to households and firms in ________ and U.S.financial inflows of capital flow to households and firms in ________.

Correct AnswerverifiedShow Answer

Most countries in the world are classified as

Correct AnswerverifiedShow Answer

Property taxes are a major source of revenue for

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The income paid to labor is called

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedThe U.S.population was approximately 306...View AnswerShow Answer

What effect, if any, will a good college education have on your human capital? Explain your answer.

Correct AnswerverifiedHuman capital refers to the sk...View AnswerShow Answer

Nigeria would be classified by the International Monetary Fund as

Correct AnswerverifiedShow Answer

Which of following groups of countries are all advanced economies?

Correct AnswerverifiedShow Answer

Over time, the percentage of total employment in services has ________ and in agriculture, employment has ________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedThe federal government provides goods an...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

An export good is a good produced

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The figure above shows governments in the circular flow. -In the figure above, which of the following is true? I.Governments coordinate economic activities of households and firms. Ii.Governments buy goods and services in goods markets. Iii.Households pay taxes directly to firms.

Correct AnswerverifiedShow Answer

Which of the following is not considered as one of the factors of production?

Correct AnswerverifiedShow Answer

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

Correct Answer
verified

Correct Answer
verified
The largest fraction of the na...
View Answer

U.S.exports of goods and services flow to households and firms in and U.S.financial inflows of capital flow to households and firms in .

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The U.S.population was approximately 306...
View Answer

Correct Answer
verified
Human capital refers to the sk...
View Answer

Correct Answer
verified

Correct Answer
verified

Over time, the percentage of total employment in services has and in agriculture, employment has .

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified
The federal government provides goods an...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified