Exam 2: The Economony: Myth and Reality

Gross Domestic Product in 2017 is more than five times larger than it was in 1960 but it is important to note that

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

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

The working population of the United States is approximately

Multinational businesses produce and sell goods around the world.

Perhaps the best measure of economic progress is

Profits account for about 30 cents out of each dollar spent on goods in the United States.

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

A recession is a period of time in which real GDP falls.

Since the 1970s, unemployment rates in the United States have generally been

Real GDP per capita in the United States grows over time.

The U.S.economy has become a less closed economy over the past 50 years.

Workers in the United States receive significantly higher compensation than almost all other western European nations.

Teenage workforce participation as a percentage of the total workforce has fallen in the United States in recent years.

Progressive income taxes are designed to

There are about 5 million business firms in the Unites States.

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

Antitrust laws are designed to promote competition.

The U.S.economy is relatively open in terms of economic activity related to international trade.

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