All of the Following Are Examples of Spending on Factors

question 178

Multiple Choice

All of the following are examples of spending on factors of production in the circular flow model except

• A)Bima hires two students to work at his ice-cream store.
• B)"Get Fit Together" purchases 3 new treadmills for its gym.
• C)Iris buys a dozen roses for her mother's birthday.
• D)The Banyan Tree rents a much larger property so that it can add a restaurant to its facilities.

Identify the structure and impact of the federal tax system on different income groups.

Understand the changes in the distribution of personal income tax responsibilities across income groups over time.

Identify the main sources of federal government revenue and their relative significance.

Recognize the economic implications of the size and structure of government on economic growth.

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Definitions:

International Trade

The trade of products and services across national borders.

World Price

The international market price of a good or service, influenced by global supply and demand conditions.

Producer Surplus

The difference between what producers are willing to sell a product for and the actual price they receive, representing profit or gain.

Consumer Surplus

The difference between the total amount that consumers would have been willing to pay for a good or service versus what they actually pay.