Exam 2: The Economy: Myth and Reality

National defense made up the largest portion of federal expenditures in 2009.

As of 2009,annual imports to the U.S.were approximately ____ and annual exports from the U.S.were approximately ____.

Population density varies little between the fifty states.

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

Which of the following is the most closed economy?.

The largest single portion of the federal budget is devoted to

Recessions are periods of declining economic activity.

Which of the following groups has had declining labor force participation over the last 30 years?

The majority of American workers are employed in the manufacturing sector.

The United States has approximately

Which of the following is the best definition of openness?

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

The working population of the United States is approximately

As Americans have become more health conscious,rules about food labels have become more complex and stringent.This is an example of government acting as

In a mixed economy,there is some public influence over the workings of free markets.

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

The U.S.economy is relatively closed in terms of economic activity related to exports and imports.

In 2005,President Bush promoted a plan to privatize Social Security through allowing workers to create personal savings accounts.How will this affect the government's role as a redistributor of income?

In the U.S.,the share of taxes ____ during the early years of George W.Bush's presidency and ____ since then.

Gross domestic product is