Assignment Instructions/ Description
Your quiz has been submitted successfully. Question 1 2 / 2 points Items that are purchased by individuals for their own enjoyment are called A) government goods and services. B) capital goods. C) private goods. D) consumption goods and services. E) exports of goods and services. Question 2 2 / 2 points The largest share of total production in the United States is A) government goods and services. B) consumption goods and services. C) imported goods and services. D) exported goods and services. E) capital goods. Question 3 2 / 2 points Items bought by businesses to help produce other goods and services are called A) exports of goods and services. B) capital goods. C) government goods and services. D) consumption goods and services. E) productive goods. Question 4 2 / 2 points Computers and insurance coverage produced in the United States and sold to people in other nations are categorized as A) U.S. government goods and services. B) U.S. imports of goods and services. C) U.S. consumption goods and services. D) U.S. exports of goods and services. E) foreign capital goods. Question 5 2 / 2 points Approximately ________ people live in the United States and ________ people live in the world. A) 410 million; 8 billion B) 310 million; 3 billion C) 310 million; 7 billion D) 210 million; 5 billion E) 210 million; 6 billion Question 6 2 / 2 points Most of the world's population lives in A) advanced economies. B) transition economies. C) island nations. D) developing economies. E) emerging market economies. Question 7 0 / 2 points Of the following, the country with the highest average income per day in the world is Incorrect Response A) France. B) Germany. C) China. Correct Answer D) the United States. E) Japan. Question 8 2 / 2 points What two groups of decision makers are represented in the basic circular flow model? A) bankers and regulators B) lenders and borrowers C) wholesalers and retailers D) households and firms E) governments and financial institutions Question 9 2 / 2 points The circular flow model is used to show the A) flow of expenditures and incomes in the economy. B) expansions and contractions of economic activity. C) flow of supply and the flow of demand. D) flow of renewable natural resources. E) recycling process of production materials. Question 10 2 / 2 points In the circular flow model with the government sector, taxes A) flow from the goods market to the factor markets. B) flow in the opposite direction as do transfers. C) on households flow in the same direction as do the goods and services. D) on firms flow in the same direction as do factors of production. E) flow in the same direction as do transfers. Attempt Score: 20 / 20 - 90 % Overall Grade (first attempt): 20 / 20 - 90 %
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