Question 1

Which of following groups of countries are all advanced economies?

Accepted Answer

Hong Kong, Japan, France, and the United Kingdom are all advanced economies, as defined by the International Monetary Fund (IMF). Australia is an advanced economy as well, but Brazil is not. The United States is also an advanced economy, but Italy, China, Russia, and Chad are not. Mexico and Egypt are not advanced economies, while Canada and Germany are.

Question 2

Which of the following correctly describes how the "global pie is baked"?

Accepted Answer

According to the article, advanced economies account for about 50 percent of the value of the world's production, indicating that the majority of the global pie is baked in developed countries.

None of the other answer choices accurately describe how the global pie is baked according to the information provided in the article.

Question 3

Which of the following is an example of an effort to decrease physical capital differences between an advanced and a developing economy?

Accepted Answer

The effort to build roads in Afghanistan by American troops is an example of improving physical infrastructure to decrease the physical capital difference between the advanced country (USA) and developing economy (Afghanistan). The other options focus more on social and human capital rather than physical capital.

Question 4

As a percentage of total world production,production in the 29 advanced economies is about ________ percent of total world production and in the 118 developing economies is about ________ percent of total world production.

Accepted Answer

Advanced economies, despite their relatively small number in comparison to developing economies, are highly productive and contribute a significant portion to the world's total production. The 29 advanced economies account for approximately 53% of the total world production, showcasing their efficiency and technological advancement. The 118 developing economies, while numerous, contribute about 39% to the total world production, reflecting their growing but still developing economic capabilities.

Question 5

The emerging market economies are

Accepted Answer

Emerging market economies are in the process of transitioning from state-owned production to free markets, which is a key characteristic of these economies. China and India are two examples of emerging market economies, but they are not the only ones. Western Europe and nations with the highest standards of living are not typically considered emerging market economies. Likewise, being an agricultural nation does not necessarily determine whether an economy is emerging or not.

Question 6

Among the United States,Canada,Russia,India,and the United Kingdom,the country with the highest average income per person is

Accepted Answer

According to the World Bank, as of 2021, the United States has the highest gross national income per capita among the listed countries at $62,843. Canada follows at $50,376, then the United Kingdom at $44,934, Russia at $11,976, and India at $2,104.

Question 7

The percentage of the world's population that lives in the advanced economies is

Accepted Answer

According to most recent data (2019), the advanced economies (including North America, Europe, Australia, New Zealand, Japan, and South Korea) make up only 15% of the world's population.

Question 8

The world population is approximately ________ people.

Accepted Answer

According to the most recent estimates by the United Nations, the world population is around 6.8 billion people. Therefore, option C is the correct choice. Option A and E are significantly lower than the current world population, while option B and D are much higher.

Question 9

Nigeria would be classified by the International Monetary Fund as

Accepted Answer

Nigeria is classified by the International Monetary Fund as a developing economy due to its low GDP per capita, a high poverty rate, and challenges with infrastructure, education, and healthcare.

Question 10

Compared to the developing economies,the advanced economies have ________ human capital and ________ physical capital.

Accepted Answer

Advanced economies typically have more human capital due to better education and training systems, and more physical capital due to higher levels of investment in infrastructure and technology.

Question 11

Physical capital differences across countries can be seen in the fact that

Accepted Answer

Physical capital refers to the stock of equipment, buildings, and other durable inputs that are used in production. More advanced economies typically have more sophisticated technology, which means they have a higher level of physical capital than less developed countries.

Question 12

In the advanced economies,________ of the factories use advanced capital equipment and in the developing economies ________ of the factories use advanced capital equipment

Accepted Answer

The first part of the statement suggests that in advanced economies, nearly all of the factories use advanced capital equipment, eliminating choices A, B, C, and D. The second part of the statement suggests that in developing economies, some of the factories use advanced capital equipment, eliminating choice C and D. Therefore, the best choice is E, which states that virtually all of the factories in advanced economies and some of the factories in developing economies use advanced capital equipment.

Question 13

________ economies include ______________.

Accepted Answer

The answer of ________ economies include ______________.
...

Question 14

Of the following,the country with the highest average income per day in the world is

Accepted Answer

The United States has the highest average income per day in the world amongst the countries listed. This is due to the high GDP per capita and average household income in the US. Japan and France also have relatively high average incomes per day, but not as high as the US. Germany and China have lower average incomes per day compared to the other options.

Question 15

The charitable organization Creating Hope International trains women in Afghanistan to become tailors.This effort reduces

Accepted Answer

Training women to become tailors directly increases their skills and knowledge, which is an enhancement of human capital. This effort specifically targets the development of human resources, rather than physical capital, entrepreneurship, agriculture, or manufacturing differences.

Question 16

Poland is classified as

Accepted Answer

The answer of Poland is classified as
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Question 17

Income equality has

Accepted Answer

Income inequality has generally increased within many countries over recent decades, particularly in advanced economies like the United States. However, on a global scale, income inequality between countries has narrowed, partly due to rapid economic growth in previously lower-income countries, such as China and India.

Question 18

The majority of the value of production in the world economy is produced in

Accepted Answer

The majority of the world's production value is generated in advanced economies, which include countries with developed and sophisticated markets, high levels of income, and technological infrastructure. These economies have a significant impact on global economic trends and contribute the most to the world's GDP.

Question 19

________ the owners of the factors of production,while ________ what amounts of those factors to hire.

Accepted Answer

Households are the owners of the factors of production such as land, labor, and capital. Firms determine what amounts of those factors to hire based on their production needs and market conditions. The government may play a role in regulating certain aspects of the labor market, but it does not typically determine the hiring decisions of individual firms.

Question 20

Dan missed class the day the professor covered the circular flow model.Dan asked his friend Joan to explain markets to him.Joan correctly stated that a market

Accepted Answer

A market can be any arrangement that brings buyers and sellers together, whether it is a physical location or an online platform. It does not necessarily require a written contract or a specific number of buyers and sellers.

Quiz 2: The Usand Global Economies