Foundations of economics 6th by parkin ch02 clicker questions

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U.S and Global

CLICKER QUESTIONS

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Question 1

Question 2

Question 3

Question 4 Question 5

Question 7 Question 8 Question 6 Question 9

Question 10

Checkpoint 2.1 Checkpoint 2.2 Checkpoint 2.3

CHECKPOINT 2.1

A a fiber optic cable TV system

B an insurance policy

C a hair cut

D an iPod

E a slice of pizza

Question 1

An example of a capital good is

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CHECKPOINT 2.1

A solely the innate ability with which we are born

B the money that people have saved

C the knowledge people accumulate through education and

work experience

D machinery that needs human supervision

E any type of machinery

Question 2

Human capital is _

CHECKPOINT 2.1

A entrepreneurs; capital

B labor; capital

C labor; land

D entrepreneurs; land

E labor; entrepreneurs

Question 3

Wages are paid to and interest is paid to

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CHECKPOINT 2.2

A Australia, Brazil, and the United States

B Hong Kong, Japan, France, and the United Kingdom

C Italy, the United States, China, and Russia

D Singapore, Russia, France, and Chad

E Mexico, Canada, Germany, and Egypt

Question 4

Which of following countries (and areas) are all advanced

economies?

CHECKPOINT 2.2

A less; more

B more; less

C the same amount of; more

D more; the same amount of

E more; more

Question 5

Workers in the advanced economies have human capital and physical capital to work with than do workers in the developing economics

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CHECKPOINT 2.2

A China

B Russia

C India

D newly industrialized Asia

E Africa

Question 6

Among Russia, India, newly industrialized Asia, Africa, and China, the country or area with the highest average income per person is _

CHECKPOINT 2.3

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

flow in the same direction

E both firms and households buy or sell in different

markets

Question 7

In the circular flow model, _

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CHECKPOINT 2.3

United States

Question 8

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

CHECKPOINT 2.3

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

Question 9

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

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CHECKPOINT 2.3

A the physical place where goods 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 such as a grocery store

Question 10

A market is defined as