Economics Chapter 2 Exam Questions
and Answers All Correct
The federal government's major expenditures are to provide: - Answer-1. Goods and
Services
2. Social Security and welfare benefits
3. Transfers to state and local governments
What are the main taxes by the federal government? - Answer-1. Personal Income
Taxes
2. Corporate (Business) Taxes
3. Social Security Taxes
State and local governments expenditures provide: - Answer-1. Goods and services
2. Welfare benefits
What are the main taxes from state and local governments? - Answer-1. Sales Taxes
2. Property Taxes
3. State Income Taxes
Items that are purchased by individuals for their own enjoyment are called
A) exports of goods and services
B) government goods and services
C) consumption goods and services
D) private goods
E) capital goods - Answer-consumption goods and services
Which of the following is a consumption good or service?
A) a United Airline ticket counter
B) a satellite dish installed by Cox Cable to download programs that are then distributed
through its cable system
C) a personal computer purchased in order to play games at home
D) a United Parcel Service truck delivering Christmas gifts
E) the Endeavor space shuttle - Answer-a personal computer purchased in order to play
games at home
, The largest share of total production in the United States is
A) consumption goods and services
B) imported goods and services
C) capital goods
D) exported goods and services
E) government goods and services - Answer-consumption goods and services
What would be an example of capital good?
A) Jeanette buys a new dress
B) Antonio, the manager of the local Taco Hut, purchases a new deep fryer
C) The local driver's license office purchases a new digital camera and printer
D) Rhianna gets a haircut
E) Apple sells computers to Japan - Answer-Antonio, the manager of the local Taco
Hut, purchases a new deep fryer
Which of the following is NOT considered one of the factors of production?
A) technology
B) capital
C) land
D) labor
E) entrepreneurship - Answer-technology
As a factor of production, oil reserves are counted as
A) land
B) labor
C) capital
D) entrepreneurship
E) financial capital - Answer-land
The concept of human capital describes
A) the number of workers per operating machine
B) human population, that is, the quantity of labor
C) human skills, that is, the quality of labor
D) the number of machines (capital) that have been produced by people (humans)
E) the number of machines per employed worker. - Answer-human skills, that is, the
quality of labor
Jan is attending college and studying to be an investment broker. To improve her
chances of employment following college, she has interned at a top brokerage firm
during the last two summers. Jan's internship has increased her
and Answers All Correct
The federal government's major expenditures are to provide: - Answer-1. Goods and
Services
2. Social Security and welfare benefits
3. Transfers to state and local governments
What are the main taxes by the federal government? - Answer-1. Personal Income
Taxes
2. Corporate (Business) Taxes
3. Social Security Taxes
State and local governments expenditures provide: - Answer-1. Goods and services
2. Welfare benefits
What are the main taxes from state and local governments? - Answer-1. Sales Taxes
2. Property Taxes
3. State Income Taxes
Items that are purchased by individuals for their own enjoyment are called
A) exports of goods and services
B) government goods and services
C) consumption goods and services
D) private goods
E) capital goods - Answer-consumption goods and services
Which of the following is a consumption good or service?
A) a United Airline ticket counter
B) a satellite dish installed by Cox Cable to download programs that are then distributed
through its cable system
C) a personal computer purchased in order to play games at home
D) a United Parcel Service truck delivering Christmas gifts
E) the Endeavor space shuttle - Answer-a personal computer purchased in order to play
games at home
, The largest share of total production in the United States is
A) consumption goods and services
B) imported goods and services
C) capital goods
D) exported goods and services
E) government goods and services - Answer-consumption goods and services
What would be an example of capital good?
A) Jeanette buys a new dress
B) Antonio, the manager of the local Taco Hut, purchases a new deep fryer
C) The local driver's license office purchases a new digital camera and printer
D) Rhianna gets a haircut
E) Apple sells computers to Japan - Answer-Antonio, the manager of the local Taco
Hut, purchases a new deep fryer
Which of the following is NOT considered one of the factors of production?
A) technology
B) capital
C) land
D) labor
E) entrepreneurship - Answer-technology
As a factor of production, oil reserves are counted as
A) land
B) labor
C) capital
D) entrepreneurship
E) financial capital - Answer-land
The concept of human capital describes
A) the number of workers per operating machine
B) human population, that is, the quantity of labor
C) human skills, that is, the quality of labor
D) the number of machines (capital) that have been produced by people (humans)
E) the number of machines per employed worker. - Answer-human skills, that is, the
quality of labor
Jan is attending college and studying to be an investment broker. To improve her
chances of employment following college, she has interned at a top brokerage firm
during the last two summers. Jan's internship has increased her
