Question 1

Since the 1950s, the percentage of women working in the United States has held relatively steady.

Accepted Answer

A) True 
 B)False

Question 2

Population density varies little between the 50 states.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

An industry can be defined as

Accepted Answer

A)  a group of firms that compete to sell a specific product. 
B)  any company that produces and sells products. 
C)  the set of buyers of a particular good or service. 
D)  the top companies that sell a product. 
A)  a group of firms that compete to sell a specific product. 
B)  any company that produces and sells products. 
C)  the set of buyers of a particular good or service. 
D)  the top companies that sell a product.

Question 5

Workers earn less than half of the income generated by the production process.

Accepted Answer

A) True 
 B)False

Question 6

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 7

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

Accepted Answer

A)  none of the growth represented additional output of goods and services. 
B)  this measurement of output fails to account for any of the effects of inflation. 
C)  the population also grew substantially over the same time period. 
D)  available graphs of output are unable to display such growth. 
A)  none of the growth represented additional output of goods and services. 
B)  this measurement of output fails to account for any of the effects of inflation. 
C)  the population also grew substantially over the same time period. 
D)  available graphs of output are unable to display such growth.

Question 8

Inputs, or factors of production, include

Accepted Answer

A)  labor. 
B)  machinery. 
C)  natural resources. 
D)  All of the responses are correct. 
A)  labor. 
B)  machinery. 
C)  natural resources. 
D)  All of the responses are correct.

Question 9

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

Accepted Answer

A)  15 percent. 
B)  35 percent. 
C)  51 percent. 
D)  60 percent. 
A)  15 percent. 
B)  35 percent. 
C)  51 percent. 
D)  60 percent.

Question 10

Recessions are periods of declining economic activity.

Accepted Answer

A) True 
 B)False

Question 11

The United States provides a reasonable illustration of

Accepted Answer

A)  a mixed economy. 
B)  a pure market system. 
C)  a government-dominated economy. 
D)  a manufacturing economy. 
E)  a transitioning economy. 
A)  a mixed economy. 
B)  a pure market system. 
C)  a government-dominated economy. 
D)  a manufacturing economy. 
E)  a transitioning economy.

Question 12

GDP is a measure of the total output of an economy.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Economic growth in the United States has increased consistently since the 1950s.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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 18

How does the United States compare to other nations on a per capita scale as far as government production and taxation?

Accepted Answer

Government production in the United Stat

Question 19

Most American workers

Accepted Answer

A)  are employed in the goods-producing sector. 
B)  are employed by government. 
C)  are employed in the service-producing sector. 
D)  are employed in the agricultural sector. 
A)  are employed in the goods-producing sector. 
B)  are employed by government. 
C)  are employed in the service-producing sector. 
D)  are employed in the agricultural sector.

Question 20

The percentage of the American workforce employed in the manufacturing sector has been steadily declining over the past 50 years.

Accepted Answer

A) True 
 B)False

Exam 2: The Economy: Myth and Reality

Since the 1950s, the percentage of women working in the United States has held relatively steady.

Population density varies little between the 50 states.

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

An industry can be defined as

Workers earn less than half of the income generated by the production process.

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?

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

Inputs, or factors of production, include

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

Recessions are periods of declining economic activity.

The United States provides a reasonable illustration of

GDP is a measure of the total output of an economy.

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

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

Economic growth in the United States has increased consistently since the 1950s.

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

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

How does the United States compare to other nations on a per capita scale as far as government production and taxation?

Most American workers

The percentage of the American workforce employed in the manufacturing sector has been steadily declining over the past 50 years.

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

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