Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Comparing the United States to other economies, the United States is one of the ____ economies in the world.

Accepted Answer

A) most government-supervised 
B) most privatized 
C) most government-owned 
D) least privatized 
A) most government-supervised 
B) most privatized 
C) most government-owned 
D) least privatized

Question 3

Which of the following nations can be called a mixed economy?

Accepted Answer

A) The United States. 
B) Italy. 
C) Sweden. 
D) France. 
E) All of these nations are mixed economies. 
A) The United States. 
B) Italy. 
C) Sweden. 
D) France. 
E) All of these nations are mixed economies.

Question 4

Expenditures on social programs, such as health care and income security, constitute more than half of U.S. federal expenditures in 2016.

Accepted Answer

A) True 
 B)False

Question 5

The total market value of capital assets in the United States is about $30 trillion dollars.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following areas employed more workers as of 2016?

Accepted Answer

A) Educational and health services 
B) Business and professional services 
C) Retail trade 
D) Manufacturing companies 
A) Educational and health services 
B) Business and professional services 
C) Retail trade 
D) Manufacturing companies

Question 7

Gross domestic product is the money value of manufacturing production in a year.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Among the nations listed, which of the following has the most open economy?

Accepted Answer

A) Germany 
B) The Netherlands 
C) The United States 
D) Japan 
E) Canada 
A) Germany 
B) The Netherlands 
C) The United States 
D) Japan 
E) Canada

Question 11

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 12

Gross domestic product is a measure of

Accepted Answer

A) the size of the largest industry in an economy. 
B) the money value of all final goods and services produced in a year by the economy. 
C) the volume of goods and services, which involved in international trade. 
D) the goods and services produced strictly by corporations. 
E) the nonmarket production of goods and services. 
A) the size of the largest industry in an economy. 
B) the money value of all final goods and services produced in a year by the economy. 
C) the volume of goods and services, which involved in international trade. 
D) the goods and services produced strictly by corporations. 
E) the nonmarket production of goods and services.

Question 13

Antitrust laws are designed to promote competition.

Accepted Answer

A) True 
 B)False

Question 14

Consumer spending accounts for about 50 percent of GDP.

Accepted Answer

A) True 
 B)False

Question 15

The issue of inequality has become prominent because of

Accepted Answer

A) an increased sense of justice. 
B) a decrease in the strength of capitalism. 
C) the widening wage disparity. 
D) a consistent fall in incomes. 
A) an increased sense of justice. 
B) a decrease in the strength of capitalism. 
C) the widening wage disparity. 
D) a consistent fall in incomes.

Question 16

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

Accepted Answer

Business cycles are periodic upswings an

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) lower than in Europe. 
B) higher than in Europe. 
C) about the same as in Europe. 
D) not compared to Europe, since unemployment is not present in Europe. 
A) lower than in Europe. 
B) higher than in Europe. 
C) about the same as in Europe. 
D) not compared to Europe, since unemployment is not present in Europe.

Question 19

In the United States, all property is privately owned.

Accepted Answer

A) True 
 B)False

Question 20

The U.S. economy has grown constantly over the years.

Accepted Answer

A) True 
 B)False

Exam 2: The Economy: Myth and Reality

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

Comparing the United States to other economies, the United States is one of the ____ economies in the world.

Which of the following nations can be called a mixed economy?

Expenditures on social programs, such as health care and income security, constitute more than half of U.S. federal expenditures in 2016.

The total market value of capital assets in the United States is about $30 trillion dollars.

Which of the following areas employed more workers as of 2016?

Gross domestic product is the money value of manufacturing production in a year.

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

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

Among the nations listed, which of the following has the most open economy?

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

Gross domestic product is a measure of

Antitrust laws are designed to promote competition.

Consumer spending accounts for about 50 percent of GDP.

The issue of inequality has become prominent because of

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

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

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

In the United States, all property is privately owned.

The U.S. economy has grown constantly over the years.

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

Externalities, Externaliteis, the Environment, and Natural Resources

Taxation and Resource Allocation

Pricing the Factors of Production

Labor and Entrepreneurship: the Human Inputs

Poverty, Inequality, and Discrimination

International Trade and Comparative Advantage

Contemporary Issues in the Us Economy

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