Question 1

When government defines and enforces property rights,this is an example of government as

Accepted Answer

A)  referee. 
B)  regulator of business. 
C)  buyer of goods and services. 
D)  tax collector. 
E)  redistributor. 
A)  referee. 
B)  regulator of business. 
C)  buyer of goods and services. 
D)  tax collector. 
E)  redistributor.

Question 2

Gross domestic product is the money value of all final goods and services produced in an economy in a year.

Accepted Answer

A) True 
 B)False

Question 3

According to Robert Reich,secretary of Labor in the Clinton administration,

Accepted Answer

A)  the identity of American companies is clear, and laws should be written accordingly. 
B)  foreign companies are clearly different from American companies. 
C)  multinational companies have clear bases of operations, which form their identity. 
D)  it is almost impossible to define the nationality of a multinational company. 
E)  identifying the country of origin of a product is almost impossible, but essential for proper regulation. 
A)  the identity of American companies is clear, and laws should be written accordingly. 
B)  foreign companies are clearly different from American companies. 
C)  multinational companies have clear bases of operations, which form their identity. 
D)  it is almost impossible to define the nationality of a multinational company. 
E)  identifying the country of origin of a product is almost impossible, but essential for proper regulation.

Question 4

Capitalism and free enterprise are common,and the United States

Accepted Answer

A)  has just begun to move in that direction after years of central planning. 
B)  has gone further in that direction than almost any other country. 
C)  is becoming more "free," but is not as capitalistic as many others. 
D)  is considering a major change to "free up" its economy as many others have. 
E)  is leading the move toward greater central planning and control. 
A)  has just begun to move in that direction after years of central planning. 
B)  has gone further in that direction than almost any other country. 
C)  is becoming more "free," but is not as capitalistic as many others. 
D)  is considering a major change to "free up" its economy as many others have. 
E)  is leading the move toward greater central planning and control.

Question 5

Comparing the United States to other economies,the United States is one of the ____ economy 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 6

Multinational businesses produce and sell goods around the world.

Accepted Answer

A) True 
 B)False

Question 7

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 as a share of GDP

Question 8

If California were a separate economy,it would be the ____ largest economy on earth.

Accepted Answer

A)  second 
B)  third 
C)  fifth 
D)  eighth 
A)  second 
B)  third 
C)  fifth 
D)  eighth

Question 9

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 10

Inputs,or factors of production,include

Accepted Answer

A)  labor. 
B)  machinery. 
C)  natural resources. 
D)  all of the above. 
A)  labor. 
B)  machinery. 
C)  natural resources. 
D)  all of the above.

Question 11

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

Accepted Answer

A)  $7.25 
B)  $9.75 
C)  $12.00 
D)  $19.00 
A)  $7.25 
B)  $9.75 
C)  $12.00 
D)  $19.00

Question 12

It is often asserted that the United States no long manufactures anything,instead it imports manufactured goods from countries like China.Critically evaluate this claim.

Accepted Answer

If the claim were t then the share of GD

Question 13

For those workers who are given fringe benefits such as health insurance and pensions,the additional income this amounts to over and above the average hourly wage is approximately

Accepted Answer

A)  12% 
B)  30% 
C)  51% 
D)  70% 
A)  12% 
B)  30% 
C)  51% 
D)  70%

Question 14

Which of the following is t about the United States?

Accepted Answer

A)  There has only been on recession in U.S. history. 
B)  There have been recessions every couple of years throughout U.S. history. 
C)  Recessions have never occurred in the United States. 
D)  Recessions have occurred periodically in U.S. history. 
E)  Recessions in the United States have generally been worse than in other countries. 
A)  There has only been on recession in U.S. history. 
B)  There have been recessions every couple of years throughout U.S. history. 
C)  Recessions have never occurred in the United States. 
D)  Recessions have occurred periodically in U.S. history. 
E)  Recessions in the United States have generally been worse than in other countries.

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

1.Government as referee.Example: enforci

Question 17

Economic fluctuations are defined as

Accepted Answer

A)  alternating periods of significant GDP growth and decline. 
B)  events only encountered in developing countries. 
C)  periods of stable economic growth. 
D)  alternating periods of unemployment falling above and below zero. 
A)  alternating periods of significant GDP growth and decline. 
B)  events only encountered in developing countries. 
C)  periods of stable economic growth. 
D)  alternating periods of unemployment falling above and below zero.

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

Roughly 145 million people in the United States hold jobs.

Accepted Answer

A) True 
 B)False

Question 20

The corporate income tax is the single largest source of revenue for the federal government.

Accepted Answer

A) True 
 B)False

When government defines and enforces property rights,this is an example of government as

Gross domestic product is the money value of all final goods and services produced in an economy in a year.

According to Robert Reich,secretary of Labor in the Clinton administration,

Capitalism and free enterprise are common,and the United States

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

Multinational businesses produce and sell goods around the world.

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

If California were a separate economy,it would be the ____ largest economy on earth.

Most American workers

Inputs,or factors of production,include

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

It is often asserted that the United States no long manufactures anything,instead it imports manufactured goods from countries like China.Critically evaluate this claim.

For those workers who are given fringe benefits such as health insurance and pensions,the additional income this amounts to over and above the average hourly wage is approximately

Which of the following is t about the United States?

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

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

Economic fluctuations are defined as

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

Roughly 145 million people in the United States hold jobs.

The corporate income tax is the single largest source of revenue for the federal government.

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

Filters

Exam 2: The Economy: Myth and Reality

When government defines and enforces property rights,this is an example of government as

Gross domestic product is the money value of all final goods and services produced in an economy in a year.

According to Robert Reich,secretary of Labor in the Clinton administration,

Capitalism and free enterprise are common,and the United States

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

Multinational businesses produce and sell goods around the world.

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

If California were a separate economy,it would be the ____ largest economy on earth.

Most American workers

Inputs,or factors of production,include

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

It is often asserted that the United States no long manufactures anything,instead it imports manufactured goods from countries like China.Critically evaluate this claim.

For those workers who are given fringe benefits such as health insurance and pensions,the additional income this amounts to over and above the average hourly wage is approximately

Which of the following is t about the United States?

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

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

Economic fluctuations are defined as

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

Roughly 145 million people in the United States hold jobs.

The corporate income tax is the single largest source of revenue for the federal government.

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

Filters