Exam 2: The Economy: Myth and Reality

A tax is progressive if the ratio of taxes to income rises as income rises.

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

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

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

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

An open economy is one in which exports and imports constitute a large share of GDP.

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

The government redistributes income to the poor, primarily through

Which of the following is the most open economy?

Population density varies little between the fifty states.

Unemployment rates in the U.S.are generally: ​

The United States has the largest economy in the world because

Profits account for about 30 cents out of each dollar spent on goods in the United States.

The concept of government as redistributor is

In the United States, all property is privately owned.

Despite the monies spent by the federal and state governments, many observers believe which of the following?

In a mixed economy

As of 2013, annual imports to the U.S.were approximately ____ and annual exports from the U.S.were approximately ____.

Which of the following is the most closed economy?

Education accounts for the largest share of state and local government spending.