Question 1

Imports from China represent ____ of total U.S.imports.

Accepted Answer

A)  less than 20% 
B)  approximately 40% 
C)  approximately 60% 
D)  more than 80% 
A)  less than 20% 
B)  approximately 40% 
C)  approximately 60% 
D)  more than 80%

Question 2

Approximately half of all U.S.workers are employed by various levels of government.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Annual incomes of James,Jack,and Stanley are $30,000,$50,000,and $80,000 and their tax rates are 10%,20%,and 30% 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 5

Per capita GDP can be defined as

Accepted Answer

A)  GDP per working person. 
B)  GDP per unit of capital. 
C)  GDP per person. 
D)  GDP per unit of unemployment. 
A)  GDP per working person. 
B)  GDP per unit of capital. 
C)  GDP per person. 
D)  GDP per unit of unemployment.

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Unemployment in the United States varies considerably over time.

Accepted Answer

A) True 
 B)False

Question 8

Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?

Accepted Answer

An economy is called relatively open if

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Antitrust laws are designed to promote competition.

Accepted Answer

A) True 
 B)False

Question 11

The United States is one of the least marketized economies in the world.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

In 2009,about what percentage of goods and services sold in the United States was imported?

Accepted Answer

A)  4% 
B)  13% 
C)  20% 
D)  88% 
A)  4% 
B)  13% 
C)  20% 
D)  88%

Question 14

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

Accepted Answer

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

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

The largest single portion of state and local budgets is devoted to

Accepted Answer

A)  State and local defense. 
B)  Health and public welfare programs. 
C)  State and local unemployment compensation. 
D)  Education. 
E)  Interest payments on state and local debt. 
A)  State and local defense. 
B)  Health and public welfare programs. 
C)  State and local unemployment compensation. 
D)  Education. 
E)  Interest payments on state and local debt.

Question 17

All industrialized countries have become "service economies." Which factor helps explain this shift?

Accepted Answer

A)  Trade unionism and failure of the manufacturing sector to grow. 
B)  Information age and labor saving innovation in manufacturing. 
C)  Non availability of industrial labor with required skills. 
D)  Absence of competition in the service sector. 
A)  Trade unionism and failure of the manufacturing sector to grow. 
B)  Information age and labor saving innovation in manufacturing. 
C)  Non availability of industrial labor with required skills. 
D)  Absence of competition in the service sector.

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

How does the United States compare to other advanced,industrialized economies on the issue of openness?

Accepted Answer

A)  It is completely closed. 
B)  It is one of the less open of them. 
C)  It is about average in openness. 
D)  It is one of the more open of them. 
E)  It is the most open of them. 
A)  It is completely closed. 
B)  It is one of the less open of them. 
C)  It is about average in openness. 
D)  It is one of the more open of them. 
E)  It is the most open of them.

Question 20

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.

Imports from China represent ____ of total U.S.imports.

Approximately half of all U.S.workers are employed by various levels of government.

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

Annual incomes of James,Jack,and Stanley are $30,000,$50,000,and $80,000 and their tax rates are 10%,20%,and 30% respectively.Which tax structure is this an example of?

Per capita GDP can be defined as

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

Unemployment in the United States varies considerably over time.

Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?

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

Antitrust laws are designed to promote competition.

The United States is one of the least marketized economies in the world.

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

In 2009,about what percentage of goods and services sold in the United States was imported?

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

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

The largest single portion of state and local budgets is devoted to

All industrialized countries have become "service economies." Which factor helps explain this shift?

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

How does the United States compare to other advanced,industrialized economies on the issue of openness?

Government ownership of property and resources in the United States is

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

Imports from China represent ____ of total U.S.imports.

Approximately half of all U.S.workers are employed by various levels of government.

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

Annual incomes of James,Jack,and Stanley are $30,000,$50,000,and $80,000 and their tax rates are 10%,20%,and 30% respectively.Which tax structure is this an example of?

Per capita GDP can be defined as

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

Unemployment in the United States varies considerably over time.

Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?

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

Antitrust laws are designed to promote competition.

The United States is one of the least marketized economies in the world.

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

In 2009,about what percentage of goods and services sold in the United States was imported?

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

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

The largest single portion of state and local budgets is devoted to

All industrialized countries have become "service economies." Which factor helps explain this shift?

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

How does the United States compare to other advanced,industrialized economies on the issue of openness?

Government ownership of property and resources in the United States is

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