Exam 2: The Economony: Myth and Reality

A closed economy is one in which exports and imports constitute a large share of GDP.

In the United States, most workers now

List five major economic activities of government, and give an example of each.

Based on data from 2016, which of the following countries has the lowest tax burden?

Health and public welfare expenditures account for the largest share of state and local government spending.

An industry can be defined as

Inputs, or factors of production, include

GDP tends to rise and fall during economic fluctuations but other measures follow the same pattern.One of these measures is

Population density varies little between the 50 states.

The tax burden in the United States, measured as a percentage of GDP, represents a much larger share spend compared to most other industrialized nations.

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

The average hourly wage (excluding benefits) in the United States is currently around

A tax must be progressive if an individual with a higher income pays more dollars in taxes than an individual with a lower income.

Approximately half of all U.S.workers are employed by various levels of government.

The majority of American workers are employed in the service sector of the economy.

Education accounts for the largest share of state and local government spending.

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

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

A minority of American women work outside the home.

The largest single portion of state and local budgets is devoted to