Econ Chapter 2

Question 1

a sum of money demanded by a government for its support or for specific facilities or services.

Accepted Answer

taxes

Question 2

Which one of these is a factor of production?

Accepted Answer

all of these

Question 3

_____________ is the spending by households on goods and services.

Accepted Answer

consumption expenditures

Question 4

is a basic model used in economics to show how an economy functions.

Accepted Answer

circular flow

Question 5

The action of spending more than one has earned in a given period.

Accepted Answer

dissaving

Question 6

the most important factor of production is

Accepted Answer

entrepreneurship

Question 7

Examples of models include

Accepted Answer

tables and graphs

Question 8

A representation of a person or thing or of a proposed structure, typically on a smaller scale.

Accepted Answer

model

Question 9

The total value of goods produced and services provided in a country during one year.

Accepted Answer

GDP

Question 10

Who provides entrepreneurs with factors of production?

Accepted Answer

households

Question 11

These are the resources businesses use to produce goods and services.

Accepted Answer

factors of production

Question 12

What does any point on a Production Possibilities Curve graph represent?

Accepted Answer

productive efficiency

Question 13

Why do economists use models?

Accepted Answer

all of these

Question 14

Which one is not a factor payment

Accepted Answer

loss

Question 15

What advantage does a line graph have over a schedule or table?

Accepted Answer

provides more data

Questions 15