Exam 2: The Economy Myth and Reality

Government in the United States spends more as a percentage of GDP than in most other industrialized nations.

Gross Domestic Product in 2013 was almost five times larger than it was in 1960 but it is important to note that

Unemployment rates in the U.S.are generally: ​

Imports from China represent ____ of total U.S.imports.

The United States has approximately

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

Which of the following is the most open economy?

A firm that does business all over the world is called a(n)

Between 1960 and 2013 U.S.GDP,measured in dollars of constant purchasing power,expanded about 5.0 times.However,the standard of living only increased by 4 times over this period.Explain the difference.

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

Transfer payments are money received as grants from government.

A tax must be progressive if an individual with a higher income pays more dollars in taxes than an individual with a lower income.

Annual incomes of James,Jack,and Stanley are $30,000,$50,000,and $80,000 and their tax rates are 10%,20%,and 30% respectively.Which tax structure is this an example of?

One of the most important changes in the composition of the labor force in the United States has been

A minority of American women work outside of the home.

Education accounts for the largest share of state and local government spending.

Consumer spending accounts for what share of GDP?

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

Capitalism and free enterprise are common,and the United States

In the U.S.,the share of taxes ____ during the early years of George W.Bush's presidency and ____ since then.