Exam 2: The Economy Myth and Reality

A nation's citizens often dislike the economy's distribution of income.Explain two methods for creating a more equal distribution of income.

As of 2013,annual imports to the U.S.were approximately ____ and annual exports from the U.S.were approximately ____.

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

Which of the following groups has had declining labor force participation over the last 30 years?

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

In 2013,per capita real GDP was roughly half its value in 1960.

Unemployment in the United States varies considerably over time.

A transfer payment is a sum of money

A mixed economy is one in which

In the United States,all property is privately owned.

The federal government receives most of its revenue from personal income taxes and payroll taxes.

The United States produces ____ of what it consumes,and consumes ____ of what it produces.

A mixed economy is one that combines public and private ownership of property.

The United States has the largest economy in the world because

The United States is a fairly good example of

The United States is an example of a mixed economy.

Antitrust laws are designed to promote competition.

The U.S.economy rarely grows.

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

An industry can be defined as