Question 1

What is meant by the term "human capital"?

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Question 2

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?

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Question 3

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

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Question 4

It is conventional to divide the nation's total production into four categories.Name and explain the four categories.In the United States,which category accounts for the largest share and the smallest share of the nation's total production?

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Question 5

In the United States,how does the income received by the richest 20 percent of individuals compare with the income received by the other 80 percent?

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Question 6

Explain the difference between consumption and capital goods.

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Question 7

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.

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The figure above shows governments in...

Question 8

The figure above shows governments in the circular flow.
-In the figure above,firms

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The figure above shows governments in...

Question 9

Explain the differences between "human capital," "financial capital," and "capital."

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Question 10

The International Monetary Fund divides nations into three groups.What are the three groups and what are the characteristics of each group?

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Question 11

The figure above shows governments in the circular flow.
-In the figure above,governments

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In the circular flow model, governments are shown as collecting taxes from households and firms. This is their main role in the economy. While governments may also hire factors of production or provide goods and services, these are not specifically depicted in the figure.

Question 12

What is the difference between the functional and the personal distribution of income?

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Question 13

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

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Question 14

What are the payments each factor of production receives?

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Question 15

How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?

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Question 16

Identify the four factors of production,and tell what type of income is earned by each factor.

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Question 17

What is the difference between "capital" and "financial capital"? Which is a factor of production?

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Question 18

Discuss the differences between developing and emerging market economies.

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Question 19

Social Security tax is deducted from your paycheck.In the figure above this will be shown as

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Social Security tax is a form of tax collected by the government from individuals' earnings, thus it is represented as taxes flowing from households (individual earners) to governments.

Question 20

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?

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Quiz 2: The U.S.and Global Economies