Question 1

If California were a separate economy,it would be the ____ largest economy on earth.

Accepted Answer

A)  second 
B)  third 
C)  fifth 
D)  eighth 
A)  second 
B)  third 
C)  fifth 
D)  eighth

Question 2

Economic progress is best measured by

Accepted Answer

A)  the growth rate of prices over time. 
B)  the growth rate of GDP per capita 
C)  the amount of time it takes a worker to work to afford certain goods and services. 
D)  the growth rate in the population. 
A)  the growth rate of prices over time. 
B)  the growth rate of GDP per capita 
C)  the amount of time it takes a worker to work to afford certain goods and services. 
D)  the growth rate in the population.

Question 3

Government plays a role in which type of economy?

Accepted Answer

A)  only free market economies like the United States 
B)  only socialist economies 
C)  only mixed economies 
D)  all economies 
A)  only free market economies like the United States 
B)  only socialist economies 
C)  only mixed economies 
D)  all economies

Question 4

An open economy is one in which exports and imports constitute a large share of GDP.

Accepted Answer

A) True 
 B)False

Question 5

Compared to people in other nations,people in the United States pay

Accepted Answer

A)  much higher taxes. 
B)  somewhat higher taxes,on average. 
C)  about the same amount taxes. 
D)  lower taxes. 
A)  much higher taxes. 
B)  somewhat higher taxes,on average. 
C)  about the same amount taxes. 
D)  lower taxes.

Question 6

A recession is a period of time in which the total output of the economy falls.

Accepted Answer

A) True 
 B)False

Question 7

An open economy produces most of the goods and services that it needs,with few imports and exports.

Accepted Answer

A) True 
 B)False

Question 8

The U.S.economy is relatively closed in terms of economic activity related to exports and imports.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A)  15% 
B)  35% 
C)  51% 
D)  60% 
A)  15% 
B)  35% 
C)  51% 
D)  60%

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Per capita GDP can be defined as

Accepted Answer

A)  GDP per working person. 
B)  GDP per unit of capital. 
C)  GDP per person. 
D)  GDP per unit of unemployment. 
A)  GDP per working person. 
B)  GDP per unit of capital. 
C)  GDP per person. 
D)  GDP per unit of unemployment.

Question 12

Antitrust laws are designed to

Accepted Answer

A)  preserve competition. 
B)  protect the environment. 
C)  protect the public's trust in the government. 
D)  all of the above. 
A)  preserve competition. 
B)  protect the environment. 
C)  protect the public's trust in the government. 
D)  all of the above.

Question 13

A typical American family sends about _____% of its budget on services.​

Accepted Answer

A)  ​20% 
B)  ​32% 
C)  ​66% 
D)  ​70% 
A)  ​20% 
B)  ​32% 
C)  ​66% 
D)  ​70%

Question 14

It is often asserted that the United States no longer manufactures anything,and that instead it imports manufactured goods from countries like China.Critically evaluate this claim.

Accepted Answer

If the claim were true then the share of

Question 15

In the United States each year,approximately

Accepted Answer

A)  50% of all businesses fail. 
B)  25% of all businesses fail. 
C)  10% of all businesses fail. 
D)  5% of all businesses fail. 
A)  50% of all businesses fail. 
B)  25% of all businesses fail. 
C)  10% of all businesses fail. 
D)  5% of all businesses fail.

Question 16

The largest single portion of the federal budget is devoted to

Accepted Answer

A)  National defense. 
B)  Medicare and Medicaid. 
C)  Social Security and unemployment compensation. 
D)  Education. 
E)  Interest payments on the national debt. 
A)  National defense. 
B)  Medicare and Medicaid. 
C)  Social Security and unemployment compensation. 
D)  Education. 
E)  Interest payments on the national debt.

Question 17

What is the approximate number of Americans who have jobs?

Accepted Answer

A)  144 million 
B)  200 million 
C)  290 million 
D)  310 million 
E)  3.1 billion 
A)  144 million 
B)  200 million 
C)  290 million 
D)  310 million 
E)  3.1 billion

Question 18

The typical American family spends about ____ percent of its budget on goods,and the remainder on services.

Accepted Answer

A)  22 
B)  34 
C)  68 
D)  74 
A)  22 
B)  34 
C)  68 
D)  74

Question 19

What you mean by business cycles? What are their consequences?

Accepted Answer

Business cycles are periodic upswings an

Question 20

Gross domestic product is

Accepted Answer

A)  the largest industry in an economy. 
B)  the money value of all final goods and services produced in a year. 
C)  the volume of goods and services which are subject to international trade. 
D)  goods and services produced by private companies. 
E)  non-market production of goods and services. 
A)  the largest industry in an economy. 
B)  the money value of all final goods and services produced in a year. 
C)  the volume of goods and services which are subject to international trade. 
D)  goods and services produced by private companies. 
E)  non-market production of goods and services.

If California were a separate economy,it would be the ____ largest economy on earth.

Economic progress is best measured by

Government plays a role in which type of economy?

An open economy is one in which exports and imports constitute a large share of GDP.

Compared to people in other nations,people in the United States pay

A recession is a period of time in which the total output of the economy falls.

An open economy produces most of the goods and services that it needs,with few imports and exports.

The U.S.economy is relatively closed in terms of economic activity related to exports and imports.

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

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

Per capita GDP can be defined as

Antitrust laws are designed to

A typical American family sends about _____% of its budget on services.

It is often asserted that the United States no longer manufactures anything,and that instead it imports manufactured goods from countries like China.Critically evaluate this claim.

In the United States each year,approximately

The largest single portion of the federal budget is devoted to

What is the approximate number of Americans who have jobs?

The typical American family spends about ____ percent of its budget on goods,and the remainder on services.

What you mean by business cycles? What are their consequences?

Gross domestic product is

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

If California were a separate economy,it would be the ____ largest economy on earth.

Economic progress is best measured by

Government plays a role in which type of economy?

An open economy is one in which exports and imports constitute a large share of GDP.

Compared to people in other nations,people in the United States pay

A recession is a period of time in which the total output of the economy falls.

An open economy produces most of the goods and services that it needs,with few imports and exports.

The U.S.economy is relatively closed in terms of economic activity related to exports and imports.

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

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

Per capita GDP can be defined as

Antitrust laws are designed to

A typical American family sends about _____% of its budget on services.​

It is often asserted that the United States no longer manufactures anything,and that instead it imports manufactured goods from countries like China.Critically evaluate this claim.

In the United States each year,approximately

The largest single portion of the federal budget is devoted to

What is the approximate number of Americans who have jobs?

The typical American family spends about ____ percent of its budget on goods,and the remainder on services.

What you mean by business cycles? What are their consequences?

Gross domestic product is

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 typical American family sends about _____% of its budget on services.