Question 1

A central government collected taxes totaling $120 billion in the previous year.It's expenditure during the year was roughly the same.This is an example of a

Accepted Answer

A)  balanced budget. 
B)  surplus budget. 
C)  deficit budget. 
D)  zero budget. 
A)  balanced budget. 
B)  surplus budget. 
C)  deficit budget. 
D)  zero budget.

Question 2

The working population of the United States is approximately

Accepted Answer

A)  144 million 
B)  290 million 
C)  300 million 
D)  1.3 billion 
A)  144 million 
B)  290 million 
C)  300 million 
D)  1.3 billion

Question 3

Which of the following is the most closed economy?

Accepted Answer

A)  the Netherlands 
B)  the United States 
C)  Germany 
D)  Russia 
E)  Canada 
A)  the Netherlands 
B)  the United States 
C)  Germany 
D)  Russia 
E)  Canada

Question 4

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

Accepted Answer

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

Question 5

Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?

Accepted Answer

An economy is called relatively open if

Question 6

All of the following are associated with a mixed economy except

Accepted Answer

A)  some public influence over the workings of free markets. 
B)  public ownership mixed in with private property. 
C)  homogenization. 
D)  different countries blending the state and market sectors in different ways. 
A)  some public influence over the workings of free markets. 
B)  public ownership mixed in with private property. 
C)  homogenization. 
D)  different countries blending the state and market sectors in different ways.

Question 7

Progressive income taxes are designed to

Accepted Answer

A)  make the distribution of income less equal. 
B)  leave unchanged the distribution of income. 
C)  let the market determine the distribution of income after taxes. 
D)  make the distribution of income more equal. 
A)  make the distribution of income less equal. 
B)  leave unchanged the distribution of income. 
C)  let the market determine the distribution of income after taxes. 
D)  make the distribution of income more equal.

Question 8

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

Question 9

Government ownership of property and resources in the United States is

Accepted Answer

A)  about as common as it is in European countries. 
B)  widespread; the United States is a leader in the amount of government ownership of resources. 
C)  relatively rare; the United States is mostly privatized. 
D)  rare,but has been increasing rapidly as the United States catches up to other countries. 
A)  about as common as it is in European countries. 
B)  widespread; the United States is a leader in the amount of government ownership of resources. 
C)  relatively rare; the United States is mostly privatized. 
D)  rare,but has been increasing rapidly as the United States catches up to other countries.

Question 10

National defense made up the largest portion of federal expenditures in 2009.

Accepted Answer

A) True 
 B)False

Question 11

Multinational businesses produce and sell goods around the world.

Accepted Answer

A) True 
 B)False

Question 12

Teenage employment in the United States has risen in the last two decades.

Accepted Answer

A) True 
 B)False

Question 13

Population density varies little between the fifty states.

Accepted Answer

A) True 
 B)False

Question 14

Outputs include goods but not services.

Accepted Answer

A) True 
 B)False

Question 15

The U.S.economy is unique for both its size and prosperity.

Accepted Answer

A) True 
 B)False

Question 16

On a world scale,how populous is the U.S.economy?

Accepted Answer

A)  first 
B)  second 
C)  third 
D)  fourth 
E)  fifth 
A)  first 
B)  second 
C)  third 
D)  fourth 
E)  fifth

Question 17

Which of the following areas employed more workers in 2013?

Accepted Answer

A)  educational and health services 
B)  business and professional services 
C)  retail trade 
D)  manufacturing companies 
A)  educational and health services 
B)  business and professional services 
C)  retail trade 
D)  manufacturing companies

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

A tax is progressive if the ratio of taxes to income rises as income rises.

Accepted Answer

A) True 
 B)False

Question 20

A mixed economy blends private and public elements.​

Accepted Answer

A) True 
 B)False

A central government collected taxes totaling $120 billion in the previous year.It's expenditure during the year was roughly the same.This is an example of a

The working population of the United States is approximately

Which of the following is the most closed economy?

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

Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?

All of the following are associated with a mixed economy except

Progressive income taxes are designed to

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

Government ownership of property and resources in the United States is

National defense made up the largest portion of federal expenditures in 2009.

Multinational businesses produce and sell goods around the world.

Teenage employment in the United States has risen in the last two decades.

Population density varies little between the fifty states.

Outputs include goods but not services.

The U.S.economy is unique for both its size and prosperity.

On a world scale,how populous is the U.S.economy?

Which of the following areas employed more workers in 2013?

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

A tax is progressive if the ratio of taxes to income rises as income rises.

A mixed economy blends private and public elements.

What Is Economics

The Fundamental Economic Problem Scarcity and Choice

Supply and Demand An Initial Look

An Introduction To Macroeconomics

The Goals Of Macroeconomic Policy

Economic Growth Theory And Policy

Aggregate Demand and The Powerful Consumer

Demand Side Equilibrium Unemployment Or Inflation

Bringing In The Supply Side Unemployment and Inflation

Managing Aggregate Demand Fiscal Policy

Money and The Banking System

Monetary Policy Conventional and Unconventional

The Financial Crisis and The Great Recession

The Debate Over Monetary and Fiscal Policy

Budget Deficits In The Short and Long Run

The Trade Off Between Inflation and Unemployment

International Trade and Comparative Advantage

The International Monetary System Order Or Disorder

Exchange Rates and The Macroeconomy

Filters

Exam 2: The Economy Myth and Reality

A central government collected taxes totaling $120 billion in the previous year.It's expenditure during the year was roughly the same.This is an example of a

The working population of the United States is approximately

Which of the following is the most closed economy?

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

Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?

All of the following are associated with a mixed economy except

Progressive income taxes are designed to

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

Government ownership of property and resources in the United States is

National defense made up the largest portion of federal expenditures in 2009.

Multinational businesses produce and sell goods around the world.

Teenage employment in the United States has risen in the last two decades.

Population density varies little between the fifty states.

Outputs include goods but not services.

The U.S.economy is unique for both its size and prosperity.

On a world scale,how populous is the U.S.economy?

Which of the following areas employed more workers in 2013?

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

A tax is progressive if the ratio of taxes to income rises as income rises.

A mixed economy blends private and public elements.​

What Is Economics

The Fundamental Economic Problem Scarcity and Choice

Supply and Demand An Initial Look

An Introduction To Macroeconomics

The Goals Of Macroeconomic Policy

Economic Growth Theory And Policy

Aggregate Demand and The Powerful Consumer

Demand Side Equilibrium Unemployment Or Inflation

Bringing In The Supply Side Unemployment and Inflation

Managing Aggregate Demand Fiscal Policy

Money and The Banking System

Monetary Policy Conventional and Unconventional

The Financial Crisis and The Great Recession

The Debate Over Monetary and Fiscal Policy

Budget Deficits In The Short and Long Run

The Trade Off Between Inflation and Unemployment

International Trade and Comparative Advantage

The International Monetary System Order Or Disorder

Exchange Rates and The Macroeconomy

Filters

A mixed economy blends private and public elements.