SOLVED

11) Goods and services bought by the government account for about ________ percent of total production. A) 2 B) 8 C) 17 D) 35 E) 67 12) What would be an example of government good? A) Jake buys an iPhone. B) The local driver’s license office purchases a new digital camera and printer. C) Antonio, the manager of the local Taco Hut, purchases a new deep fryer. D) Donald Trump purchases furniture for his office. E) Rhianna gets a haircut. 13) Goods produced in the United States and sold in other countries are called A) exports. B) imports. C) foreign goods. D) capital goods. E) capital account goods. 14) An export good is a good produced A) in the United States and sold to foreigners living in the United States. B) by foreigners in the United States and purchased by U.S. households. C) in another country and purchased by U.S. residents. D) in the United States and sold in other countries. E) in another country and purchased by foreigners not residing in the United States. 15) Computers and insurance coverage produced in the United States and sold to people in other nations are categorized as A) U.S. consumption goods and services. B) foreign capital goods. C) U.S. government goods and services. D) U.S. exports of goods and services. E) U.S. imports of goods and services. 16) The Colorado Ski Shop sold 60 ski jackets to a Belgium company’s headquarters located in Paris, France. The ski jackets are a A) U.S. export good. B) capital good. C) government good. D) U.S. consumption service. E) U.S. import. 17) Over the past 70 years, which of the following has occurred? i)The service sector has grown so that now about 80 percent of workers are now employed in the service industry. ii)The manufacturing sector has shrunk, so now about 20 percent of workers are now employed in the production of goods. iii)The percentage of workers employed in the service industry has increased steadily. A) i, ii and iii B) i and iii C) ii only D) i only E) ii and iii 18) Which of the following is not considered one of the factors of production? A) Land B) Labor C) Capital D) Technology E) Entrepreneurship 19) Which of the following correctly lists the categories of factors of production? A) land, labor, capital, and entrepreneurship B) land, buildings, capital, and entrepreneurship C) labor, machines, buildings, capital, and entrepreneurship D) forests, fish, buildings, capital, and entrepreneurship E) labor, money, stocks, and bonds 20) Goods and services are produced by using four factors of production: A) land, labor, capital, and entrepreneurship. B) land, labor, money, and equipment. C) natural resources, human resources, financial assets, and entrepreneurial resources. D) labor, human capital, physical capital, and financial capital. E) land, labor, capital, and money.