Exam 2: The Economy: Myth and Reality

Between 1960 and 2009 U.S.GDP,measured in dollars of constant purchasing power,expanded about 5.0 times.However,the standard of living only increased by 2.7 times over this period.Explain the difference.

The government redistributes income to the poor,primarily through

What important changes have occurred in the composition of the labor force since 1960? Is the popular image of the American worker as a factory worker accurate? Describe the types of jobs Americans are working in today.

The U.S.economy is unique for both its size and prosperity.

A minority of American women work outside of the home.

A mixed economy is one in which

A recession is a period of time in which the total output of the economy rises.

Which of the following areas employed more workers in 2009?

Economic progress is best measured by

Most Americans

The United States is a fairly good example of

Government plays a role in which type of economy?

The U.S.economy is the largest in the world.What two factors primarily explain this? What makes the U.S.economy unique?

A nation's citizens often dislike the economy's distribution of income.Explain two methods for creating a more equal distribution of income.

Gross Domestic Product in 2009 was almost five times larger than it was in 1960 but it is important to note that

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

All of the following are associated with a mixed economy except

Which of the following is a valid reason to consider government regulation?

In the United States,most workers

The United States is an example of a mixed economy.