Exam 2: The Economy: Myth and Reality

The federal government receives most of its revenue from personal income taxes and payroll taxes.

Prosperity in the United States is evenly distributed across the 50 states.

Progressive income taxes are designed to

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.

Population density varies little between the 50 states.

American households spend more of their incomes on goods than on services.

The government's budget accounts for about 80 percent of GDP in the United States.

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

The United States has the biggest national economy in the world solely because of the U.S. population.

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

Antitrust laws are designed to

The United States has approximately

Is the image of the typical American worker as a blue-collar worker true? Substantiate your answer with facts.

A mixed economy blends private and public elements.

Capitalism and free enterprise are common, and the United States

In 2017, per capita real GDP was roughly half its value in 1960.

Multinational businesses produce and sell goods around the world.

Government in the United States spends more as a percentage of GDP than in most other industrialized nations.

Economic fluctuations are defined as

Since the 1970s, the United States has had higher unemployment rates than most European countries.