Micro Economics Chapter 2
In 2015 the United States produced about __________ of the global output.
16 Percent
According to World Bank data, the lowest paid 20 percent of the global population receives about __________ of the world's income.
2 Percent
In the United States, consumption goods and services comprise about __________ of total production.
78 Percent
When you think of an arrangement or institution that brings buyers and sellers of a good or service together, what are you thinking of?
A Market
Which of the following is an example of capital?
An Assembly Line
Which letter represents the demand for factors of production in this circular flow model?
C
The factors of production include land, entrepreneurship, labor and
Capital
______________ goods and services are those bought by businesses to be used to increase efficiency or enhance production.
Capital
A person can increase their stock of human capital by
Getting a College Degree
In the United States, of all the services produced the largest category is
Health Services
In the circular flow model, who supplies factors of production in exchange for income?
Households
What is the name given to the accumulated training and skills that workers possess?
Human Capital
Goods and services purchased from businesses in other countries are
Imports
Income paid for the use of capital is called
Interest
What factor of production receives rent as a payment?
Land
The stock of computers, factory buildings, and machine tools used to produce goods is known as
Physical Capital
Which of these is an example of profit?
The income the owners of a small restaurant receive.
In the United States, the largest source of income is
Wage Income
Expenditures as a percentage of the gross domestic product
Were at the highest level during World War II
The resources provided by nature and used to produce goods and services are also known as
Land