Question 1

The United States has approximately

Accepted Answer

A)  100,000 businesses. 
B)  5.1 million businesses. 
C)  14 million businesses. 
D)  30 million businesses. 
A)  100,000 businesses. 
B)  5.1 million businesses. 
C)  14 million businesses. 
D)  30 million businesses.

Question 2

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 3

Roughly 160 million people in the United States hold jobs.

Accepted Answer

A) True 
 B)False

Question 4

American households spend about ____ of the average family budget on services, with the rest spent on goods.

Accepted Answer

A)  one-half 
B)  two-thirds 
C)  one-quarter 
D)  one-tenth 
A)  one-half 
B)  two-thirds 
C)  one-quarter 
D)  one-tenth

Question 5

Why does unemployment tend to change when the level of output changes?

Accepted Answer

A)  Persons wish to buy things, and if output falls, people need to work less to earn the income to buy the smaller output. 
B)  Labor is an input, and if output falls, employers need fewer workers to make it, so the employment falls. 
C)  As output rises, more people are more interested in buying goods and services, and so these people work more to obtain the income needed to buy things. 
D)  Persons face the option of buying or working, so that when they do more of one, the other necessarily falls. 
E)  When companies replace workers with machines, output rises and people take more vacation time prior to returning to work. 
A)  Persons wish to buy things, and if output falls, people need to work less to earn the income to buy the smaller output. 
B)  Labor is an input, and if output falls, employers need fewer workers to make it, so the employment falls. 
C)  As output rises, more people are more interested in buying goods and services, and so these people work more to obtain the income needed to buy things. 
D)  Persons face the option of buying or working, so that when they do more of one, the other necessarily falls. 
E)  When companies replace workers with machines, output rises and people take more vacation time prior to returning to work.

The United States has approximately

Government ownership of property and resources in the United States is

Roughly 160 million people in the United States hold jobs.

American households spend about ____ of the average family budget on services, with the rest spent on goods.

Why does unemployment tend to change when the level of output changes?

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

Contemporary Issues in the Us Economy

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Exam 2: The Economy: Myth and Reality

The United States has approximately

Government ownership of property and resources in the United States is

Roughly 160 million people in the United States hold jobs.

American households spend about ____ of the average family budget on services, with the rest spent on goods.

Why does unemployment tend to change when the level of output changes?

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

Contemporary Issues in the Us Economy

Filters