Question 1

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

Accepted Answer

A) Women 
B) Men 
C) Teenagers 
D) Americans 
A) Women 
B) Men 
C) Teenagers 
D) Americans

Question 2

The United States relies heavily on markets and so cannot be characterized as a mixed economy.

Accepted Answer

A) True 
 B)False

Question 3

The U.S.economy rarely grows.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Real GDP is the dollar value of all goods and services produced in an economy.

Accepted Answer

A) True 
 B)False

Question 6

Outputs include goods but not services.

Accepted Answer

A) True 
 B)False

Question 7

If total population is measured, where does the United States rank?

Accepted Answer

A) First 
B) Second 
C) Third 
D) Fourth 
E) Fifth 
A) First 
B) Second 
C) Third 
D) Fourth 
E) Fifth

Question 8

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

Accepted Answer

A) the major increase in the number of women who work outside the home. 
B) the drop in the number of men who only work part-time. 
C) the steady decline in the number of women who work. 
D) the increase in the ratio of male workers to female workers. 
E) the major increase in the number of men who work away from the home or farm. 
A) the major increase in the number of women who work outside the home. 
B) the drop in the number of men who only work part-time. 
C) the steady decline in the number of women who work. 
D) the increase in the ratio of male workers to female workers. 
E) the major increase in the number of men who work away from the home or farm.

Question 9

There is no role for government in a free enterprise economy such as the United States.

Accepted Answer

A) True 
 B)False

Question 10

The federal government employs more civilians than state and local governments.

Accepted Answer

A) True 
 B)False

Question 11

In a mixed economy, the government plays some role in the working of free markets.

Accepted Answer

A) True 
 B)False

Question 12

Over the past several years and until recently, the United States has had lower unemployment rates than most European countries.

Accepted Answer

A) True 
 B)False

Question 13

During fiscal year 2017, the most recent mentioned in the text, the federal government spent approximately

Accepted Answer

A) $1.2 billion. 
B) $1.9 trillion. 
C) $4.0 trillion. 
D) $15.0 trillion. 
A) $1.2 billion. 
B) $1.9 trillion. 
C) $4.0 trillion. 
D) $15.0 trillion.

Question 14

Which of the following is true about the United States?

Accepted Answer

A) There has only been one recession in U.S.history. 
B) There have been recessions every couple of years throughout U.S.history. 
C) Recessions have never occurred in the United States. 
D) Recessions have occurred periodically in U.S.history. 
E) Recessions in the United States have generally been worse than in other countries. 
A) There has only been one recession in U.S.history. 
B) There have been recessions every couple of years throughout U.S.history. 
C) Recessions have never occurred in the United States. 
D) Recessions have occurred periodically in U.S.history. 
E) Recessions in the United States have generally been worse than in other countries.

Question 15

In a mixed economy,

Accepted Answer

A) all economies choose an identical mix of private and public involvement in the economy. 
B) the government is more important than the private sector in generating output. 
C) there is some government influence over the workings of the free market. 
D) All of the responses are correct. 
A) all economies choose an identical mix of private and public involvement in the economy. 
B) the government is more important than the private sector in generating output. 
C) there is some government influence over the workings of the free market. 
D) All of the responses are correct.

Question 16

Based on data from 2016, annual imports to the United States were approximately ____ and annual exports from the United States were approximately ____.

Accepted Answer

A) $0.6 trillion; $1.5 trillion 
B) $2.2 trillion; $0.7 trillion 
C) $2.9 trillion; $2.3 trillion 
D) $1.5 trillion; $2.0 trillion 
E) $2.0 trillion; $2.0 trillion 
A) $0.6 trillion; $1.5 trillion 
B) $2.2 trillion; $0.7 trillion 
C) $2.9 trillion; $2.3 trillion 
D) $1.5 trillion; $2.0 trillion 
E) $2.0 trillion; $2.0 trillion

Question 17

The nationality of a company and a product is easily determined.

Accepted Answer

A) True 
 B)False

Question 18

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 19

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

Accepted Answer

A) Proportional tax 
B) Progressive tax 
C) Regressive tax 
D) Digressive tax 
A) Proportional tax 
B) Progressive tax 
C) Regressive tax 
D) Digressive tax

Question 20

During a recession, unemployment rises and total output of the economy rises.

Accepted Answer

A) True 
 B)False

Exam 2: The Economony: Myth and Reality

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

The United States relies heavily on markets and so cannot be characterized as a mixed economy.

The U.S.economy rarely grows.

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

Real GDP is the dollar value of all goods and services produced in an economy.

Outputs include goods but not services.

If total population is measured, where does the United States rank?

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

There is no role for government in a free enterprise economy such as the United States.

The federal government employs more civilians than state and local governments.

In a mixed economy, the government plays some role in the working of free markets.

Over the past several years and until recently, the United States has had lower unemployment rates than most European countries.

During fiscal year 2017, the most recent mentioned in the text, the federal government spent approximately

Which of the following is true about the United States?

In a mixed economy,

Based on data from 2016, annual imports to the United States were approximately ____ and annual exports from the United States were approximately ____.

The nationality of a company and a product is easily determined.

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

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

During a recession, unemployment rises and total output of the economy rises.

What Is Economics

The Fundamental Economic Problem: Scarcity and Choice

Supply and Demand: an Initial Look

Consumer Choice: Individual and Market Demand

Demand and Elasticity

Production, Inputs, and Cost: Building Blocks for Supply Analysis

Output, Price, and Profit: the Importance of Marginal Analysis

The Financial Markets and the Economy: the Tail That Wags the Dog

The Firm and the Industry Under Perfect Competition

The Case for Free Markets: the Price System

Monopoly

Between Competition and Monopoly

Limiting Market Power: Antitrust and Regulation

The Shortcomings of Free Markets

The Economics of the Environment, and Natural Resources

Taxation and Resource Allocation

Pricing the Factors of Production

Labor and Entrepreneurship: the Human Inputs

Poverty, Inequality, and Discrimination

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

Contemporary Issues in the Useconomy

Filters

Based on data from 2016, annual imports to the United States were approximately and annual exports from the United States were approximately .