Question : 51) An example of a U.S. export is A) a TV : 1228112

 

 

51) An example of a U.S. export is

A) a TV made in China sold to a buyer in Azerbaijan.

B) matchbooks made in Mexico sold to a buyer in New Jersey.

C) pasta made in Italy sold to buyers in Spain.

D) diamonds mined in Africa sold to buyers in South America.

E) a washing machine made in Indiana sold to a buyer in France.

 

52) Within the circular flow model, economists define households as

A) families with at least 2 children.

B) families living in their own houses.

C) individuals or groups living together.

D) married or engaged couples.

E) individuals or groups within the same legally defined family.

53) A market is defined as

A) the physical place where goods (but not services) are sold.

B) the physical place where goods and services are sold.

C) any arrangement that brings buyers and sellers together.

D) a place where money is exchanged for goods.

E) another name for a store.

 

54) In the circular flow model,

A) only firms sell in markets.

B) only households buy from markets.

C) some firms only sell and some firms only buy.

D) the money used to buy goods and the goods themselves travel in the same direction.

E) both firms and households buy or sell in different markets.

 

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

A) Households; firms

B) Firms; households and the government

C) The government; firms

D) Firms; only households

E) Households; the government

 

56) ________ choose the quantities of factors of production to hire and ________ choose the quantities of goods and services to produce.

A) Entrepreneurs; firms

B) Firms; firms

C) Markets; markets

D) Factor markets; goods markets

E) Firms; households

57) In the circular flow model, rent, wages, interest, and profit paid flow from ________ through ________ to ________.

A) households; goods markets; firms as payment for goods

B) firms; factor markets; households

C) firms; goods markets; households

D) households; factor markets; firms

E) firms; goods market; firms

 

58) A circular flow model shows the interrelationship between the ________ market and the ________ markets.

A) household; goods

B) household; factor

C) business; household

D) expenditure; income

E) goods; factor

 

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

A) same direction as goods and services in all cases.

B) same direction as goods and services only if they both flow through the goods market.

C) same direction as goods and services only if they both flow through the factor market.

D) opposite direction as goods and services.

E) same direction as factor markets.

 

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

A) government; government

B) firms; households

C) government; government and households

D) firms and government; government

E) government; no one

61) Of the following, the largest source of revenue for the federal government is

A) personal income taxes.

B) sales taxes.

C) corporate income taxes.

D) property taxes.

E) lottery revenue.

 

62) ________ are the largest components of state and local government revenue.

A) Transfers from federal government and corporate income taxes

B) Transfers from federal government and sales taxes

C) Individual income taxes and corporate income taxes

D) Individual income taxes and sales taxes

E) Corporate income taxes and lottery income

 

63) U.S. exports of goods and services flow to households and firms in ________ and U.S. financial inflows of capital flow to households and firms in ________.

A) the United States; the United States

B) the United States; the rest of the world

C) the rest of the world; the United States

D) the rest of the world; the rest of the world

E) the United States; the rest of the world and the United States