Exam 2: The Usand Global Economies

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

The two biggest items of the U.S.federal government revenue that together account for over approximately 80 percent of total federal government revenue are

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?

In the United States, the productive factor that, as a group, receives the largest fraction of the nation's total income was

Of the following, the federal government's largest source of revenue is the

What would be an example of consumption good?

The circular flow model shows that goods and services flow from

In the circular flow model,

________ the owners of the factors of production, while ________ what amounts of those factors to hire.

Within the circular flow model, economists define households as

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

In the circular flow model, the expenditures on goods and services flow in the

An example of a capital good is

The personal distribution of income in the United States shows that

The largest category of state and local government expenditures is

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?

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

Dividing the nation's income among the factors of production, the largest percentage is paid to

An item that is purchased to increase businesses' productive factors is

Explain how the largest sources of state tax revenues differs from the largest sources of federal tax receipts.