Exam 2: The Economy Myth and Reality

In 2013,about what percentage of goods and services sold in the United States was imported?

Comparing the United States to other economies,the United States is one of the ____ economy in the world.

Government production accounts for about half of all GDP in the United States.

As Americans have become more health conscious,rules about food labels have become more complex and stringent.This is an example of government acting as

The concept of government as redistributor is

The United States is one of the least marketized economies in the world.

The federal government employs more civilians than state and local governments.

The total market value of capital assets in the United States is about $30 trillion dollars.

The largest share of the typical American family budget goes to: ​

Real GDP is the dollar value of all goods and services produced in an economy.

Which of the following is the best definition of openness?

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

The majority of American workers are employed in the manufacturing sector.

Workers earn less than half of the income generated by the production process.

Over the last several years and until recently,the United States has had lower unemployment rates than most European countries.

Which of the following is a valid reason to consider government regulation?

Which of the following illustrates government acting as a referee?

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

How does the United States compare to other advanced,industrialized economies on the issue of openness?

Workers earn more than half of the income generated by the production process.