Question 1

Roughly 160 million people in the United States hold jobs.

Accepted Answer

A) True 
 B)False

Question 2

During fiscal year 2017, the most recent mentioned in the text, the federal government spent approximately

Accepted Answer

A)  $1.2 billion.
B)  $1.9 trillion.
C)  $4.0 trillion.
D)  $15.0 trillion.

Question 3

The nationality of a company and a product is easily determined.

Accepted Answer

A) True 
 B)False

Question 4

The corporate income tax is the single largest source of revenue for the federal government.

Accepted Answer

A) True 
 B)False

Question 5

Perhaps the best measure of economic progress is

Accepted Answer

A)  the annual inflation rate, since it accounts for what is happening to prices.
B)  the growth rate of real GDP per capita, since it takes into account both price changes and population growth.
C)  the amount of working time needed for an individual worker to afford certain goods and services.
D)  the annual growth rate in the population.

Question 6

According to the data on real U.S. GDP,

Accepted Answer

A)  economic growth has been irregular, with some periods of downturns.
B)  economic growth has been consistent, but with a few downturns.
C)  economic growth has been extremely rapid, but also includes major collapses.
D)  economic growth has been slight, but downturns have also been eliminated.

Question 7

The U. S. budget has

Accepted Answer

A)  always been in deficit since World War II.
B)  usually been in deficit, with a few periods of surpluses.
C)  always in balance.
D)  in balance, with some period of deficit.

Question 8

The proportion of income which is earned in the form of wages for labor is currently about

Accepted Answer

A)  15 percent.
B)  35 percent.
C)  51 percent.
D)  60 percent.

Question 9

In the United States, most workers now

Accepted Answer

A)  work for some level of government.
B)  work in the manufacturing sector.
C)  work in the agricultural sector.
D)  work in the service sector.

Question 10

In a mixed economy, the government plays some role in the working of free markets.

Accepted Answer

A) True 
 B)False

Question 11

In a mixed economy,

Accepted Answer

A)  all economies choose an identical mix of private and public involvement in the economy.
B)  the government is more important than the private sector in generating output.
C)  there is some government influence over the workings of the free market.
D)  All of the responses are correct.

Question 12

The U.S. economy is the largest in the world. What two factors primarily explain this? What makes the U.S. economy unique?

Accepted Answer

Sheer size of the country, with a popula...

Question 13

Gross domestic product is the money value of all final goods and services produced in an economy in a year.

Accepted Answer

A) True 
 B)False

Question 14

Teenage workforce participation as a percentage of the total workforce has fallen in the United States in recent years.

Accepted Answer

A) True 
 B)False

Question 15

Which factor of production accounts for the highest percentage of the income that the production process generates in the United States?

Accepted Answer

A)  Capital
B)  Natural resource
C)  Land
D)  Labor

Question 16

The factors of production include all goods and services produced in an economy.

Accepted Answer

A) True 
 B)False

Question 17

Along with changes in the level of economic activity, measured by GDP, what other economic variable tends to rise and fall as a consequence?

Accepted Answer

A)  Precipitation
B)  Regulation
C)  Circulation
D)  Unemployment

Question 18

America's antitrust laws are used to protect competition against possible encroachment by monopoly. This is an example of government as

Accepted Answer

A)  regulator of businesses.
B)  buyer of goods and services.
C)  tax collector.
D)  redistributor.

Question 19

The percentage of the American workforce employed in the manufacturing sector has been steadily declining over the past 50 years.

Accepted Answer

A) True 
 B)False

Question 20

The majority of American workers are employed in the service sector of the economy.

Accepted Answer

A) True 
 B)False

Exam 2: The Economy: Myth and Reality

According to the data on real U.S. GDP,

Correct AnswerverifiedShow Answer

In the United States, most workers now

Correct AnswerverifiedShow Answer

America's antitrust laws are used to protect competition against possible encroachment by monopoly. This is an example of government as

Correct AnswerverifiedShow Answer

The percentage of the American workforce employed in the manufacturing sector has been steadily declining over the past 50 years.

Correct AnswerverifiedShow Answer

The nationality of a company and a product is easily determined.

Correct AnswerverifiedShow Answer

The majority of American workers are employed in the service sector of the economy.

Correct AnswerverifiedShow Answer

Teenage workforce participation as a percentage of the total workforce has fallen in the United States in recent years.

Correct AnswerverifiedShow Answer

In a mixed economy, the government plays some role in the working of free markets.

Correct AnswerverifiedShow Answer

The U.S. economy is the largest in the world. What two factors primarily explain this? What makes the U.S. economy unique?

Correct AnswerverifiedSheer size of the country, with a popula...View AnswerShow Answer

Along with changes in the level of economic activity, measured by GDP, what other economic variable tends to rise and fall as a consequence?

Correct AnswerverifiedShow Answer

The U. S. budget has

Correct AnswerverifiedShow Answer

Perhaps the best measure of economic progress is

Correct AnswerverifiedShow Answer

Gross domestic product is the money value of all final goods and services produced in an economy in a year.

Correct AnswerverifiedShow Answer

Which factor of production accounts for the highest percentage of the income that the production process generates in the United States?

Correct AnswerverifiedShow Answer

The factors of production include all goods and services produced in an economy.

Correct AnswerverifiedShow Answer

Roughly 160 million people in the United States hold jobs.

Correct AnswerverifiedShow Answer

In a mixed economy,

Correct AnswerverifiedShow Answer

The corporate income tax is the single largest source of revenue for the federal government.

Correct AnswerverifiedShow Answer

The proportion of income which is earned in the form of wages for labor is currently about

Correct AnswerverifiedShow Answer

During fiscal year 2017, the most recent mentioned in the text, the federal government spent approximately

Correct AnswerverifiedShow Answer

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