Exam 2: The US Economy

Suppose during a year an economy produces $10 trillion of consumer goods,$4 trillion of investment goods,$6 trillion in government services,and has $4 trillion of exports and $5 trillion of imports.GDP would be:

Which of the following is an example of investment,as a component of GDP?

U.S.GDP for 2012 was approximately:

Which of the following statements is true concerning income inequality?

Which of the following countries currently has the largest GDP?

Suppose during a year an economy produces $6 trillion of consumer goods,$1 trillion of investment goods,$2 trillion in government services,and has $3 trillion of exports and $2 trillion of imports.GDP would be:

The growth of international trade for the United States has been enhanced by:

The reason that U.S.productivity is so high is because the United States has more natural resources and a larger population than any other country in the world.

The inflation-adjusted value of final goods and services produced in the United States measures:

The decline in employment in the farm sector in the U.S.during the 1900s can be attributed primarily to:

Ceteris paribus GDP most closely measures:

Productivity measures:

Why is using real GDP a better measurement of GDP than using nominal GDP?

Externalities are costs or benefits of a market activity borne by a third party.

The manufacturing share of output has increased in the United States since World War II.

Currently,the U.S.economy is best described as:

As a portion of GDP,government purchases include:

U.S.corporations account for the majority of output in the country even though proprietorships outnumber corporations.

U.S.net exports are:

To compare the standard of living of one country to another,economists use: