Which of these statements about income distribution in the United States is correct? Many believe that poor nations will need the assistance of the rich nations of the world to achieve this goal. Which of the following is true about the income-transfer system in the United States? Investment goods include the plant, machinery, and equipment that are produced for use in the business sector. Are each owned by many individual stockholders. The Ultimate Field Guide to the U. Investment goods are a different type of output. This is not the hardcover textbook.
Chapters on theory and reality and international trade are also important in this regard. Economy 2-20 Copyright © 2017 McGraw-Hill Education. For the data above, the best answer is probably regressive. Which type of output leads to increased output in the future? An example of an externality is pollution. The United States has the third largest population in the world behind China and India.
Economy 2-16 Copyright © 2017 McGraw-Hill Education. The table below contains data for three cities in the suburbs of Houston, Texas. Therefore, output can increase by approximately 4 percent. Our continuing ability to produce the goods and services that consumers demand also depends on our agility in reallocating resources from one industry to another. During this time, the population for Country A grew at 6 percent per year and the population for Country B grew at 4 percent. Are goods and services sold to foreigners.
Quantity of goods produced abroad. It includes Social Security benefits. Wages are not income transfers. Economy 2-18 Copyright © 2017 McGraw-Hill Education. There will also be more capital available and therefore labor productivity — and income of workers — will rise.
A single proprietorship is a firm owned by one individual. Personal Distribution of Income Definition: Personal Distribution of Income: The way total personal income is divided up among households or income classes. In 1900, 4 of 10 workers were employed in agriculture. In the United States, government regulation is primarily designed to: A. . Which of the following statements is true? A capital-intensive production process increases the level of output per worker.
The completed table below is just an example. Are larger than consumption in the United States. The Private Sector: Business Types 1. State and local governments use more resources than the federal government. Investment goods are critical to continuing growth. Total government purchases, consumer goods, investment goods, exports. A business builds a new factory.
Protect labor, consumers, and the environment. The government takes a laissez faire position in the distribution of income in a market economy. Again recall from the instructions that the data from the table are annualized so the numbers below reflect the numbers from the table divided by 4. Only persistent economic growth can end global poverty. Externalities Definition: Externalities: Costs or benefits of a market activity borne by a third party: The difference between the social and private cost or benefits of a market activity.
Monopoly Definition: Monopoly: A firm that produces the entire market supply of a particular good or service. This same list is included in the student study guide. Goods and services that are shipped abroad are exports. Income is distributed equally in poor countries. As the economy has grown, the mix of output has changed dramatically. The quality of resources owned. Imports must first be subtracted from exports.
Partnerships—owned by a small number of individuals. Produces about 20 percent of total world output. The students are likely to circle sentences that have little to do with the data that have been presented. About one- eighth of the output Americans produce is exported. Include nondurable goods but not durable goods. Are owned by one or two people. Antitrust laws prohibit mergers and acquisitions that threaten competition.
Income-transfer system gives lower-income households more output than the market itself would provide. The table below is filled in using the four quarters of 2012. Aggregate Supply and Demand Chapter 12. A car made by a Japanese auto producer in Kansas. Factors of Production Definition: Factors of Production: Resource inputs used to produce goods and services such as, land, labor, capital, entrepreneurship.