Exam 2: The Economy: Myth and Reality

One of the most important changes in the composition of the labor force in the United States has been

Economic fluctuations are defined as

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

All of the following are associated with a mixed economy except

Outputs include goods but not services.

Gross Domestic Product in 2013 was almost five times larger than it was in 1960 but it is important to note that

The United States has approximately

Define the following terms: a.Recession b.Mixed economy c.Transfer payments d.Progressive taxation

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

Along with changes in the level of economic activity, measured by GDP, what other economic variable tends to rise and fall as a consequence?

Antitrust laws are designed to promote competition.

During fiscal year 2012, the most recent mentioned in the text, the federal government spent approximately

According to the data on real U.S.GDP,

Consumer spending accounts for what share of GDP?

Real GDP per capita in the U.S.grows over time.

A recession can best be defined as a period of time in which

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

The majority of American workers are employed in the service sector of the economy.

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

Consumer spending accounts for about 70 percent of GDP.