Exam 2: The Australian and Global Economies

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

Human capital can be increased through

In the circular flow model, which of the following is on the selling side in the goods market?

As a factor of production, oil reserves are counted as

________ choose the quantities of goods and services to produce, while ________ choose the quantities of goods and services to buy

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

Most people live in ________ economies and the fewest people live in ________ economies.

The world population is approximately ________ people.

Items that are purchased by individuals for their own enjoyment are called

Among the United States, Canada, Russia, India and the United Kingdom, the country with the highest average income per person is

As a percentage of total world production, production in the 29 advanced economies is about ________ per cent of total world production and in the 118 developing economies is about ________ per cent of total world production.

________ earns the highest amount of income among the factors of production in Australia.

Terri is enrolled in her first economics course. She is required to give a presentation about the circular flow. Which of the following statements should she include in her presentation?

In the circular flow model, the factor markets are the markets in which

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

An example of a real flow in the circular flow diagram is

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

Income equality has

Goods and services produced in Australia and sold in other countries are called

Households receive transfers from ________ and firms receive transfers from ________.