Question 1

In the United States,all of the state and local governments combined use more of our scarce resources than does the federal government.

Accepted Answer

A) True 
 B)False

Question 2

Growth in GDP per capita is achieved when population grows more rapidly than GDP.

Accepted Answer

A) True 
 B)False

Question 3

Per capita GDP will always rise when:

Accepted Answer

A)  The population rises. 
B)  The rate of economic growth increases. 
C)  There is an increase in the rate at which the economy's labor force grows. 
D)  The rate of economic growth exceeds the rate of population growth. 
A)  The population rises. 
B)  The rate of economic growth increases. 
C)  There is an increase in the rate at which the economy's labor force grows. 
D)  The rate of economic growth exceeds the rate of population growth.

Question 4

Too much government regulation might do all of the following EXCEPT:

Accepted Answer

A)  Inhibit production. 
B)  Raise product prices. 
C)  Limit consumer choices. 
D)  Cause market failure. 
A)  Inhibit production. 
B)  Raise product prices. 
C)  Limit consumer choices. 
D)  Cause market failure.

Question 5

Per capita GDP is the most practical way to:

Accepted Answer

A)  Measure how much income households receive. 
B)  Measure how much output can be consumed on a sustainable basis. 
C)  Measure how much output is potentially available to the average person. 
D)  Analyze the growth rate of the economy over time. 
A)  Measure how much income households receive. 
B)  Measure how much output can be consumed on a sustainable basis. 
C)  Measure how much output is potentially available to the average person. 
D)  Analyze the growth rate of the economy over time.

Question 6

The economy of the United States is important because it:

Accepted Answer

A)  Produces as much output as China,Japan,and Western Europe combined. 
B)  Produces about 20 percent of total world output. 
C)  Exceeds the combined production of all other countries in the world. 
D)  Accounts for over 20 percent of total world population. 
A)  Produces as much output as China,Japan,and Western Europe combined. 
B)  Produces about 20 percent of total world output. 
C)  Exceeds the combined production of all other countries in the world. 
D)  Accounts for over 20 percent of total world population.

Question 7

Which question does the "distribution of income" relate to most directly?

Accepted Answer

A)  For whom is output produced? 
B)  How is output produced? 
C)  What output is produced? 
D)  Why is output produced? 
A)  For whom is output produced? 
B)  How is output produced? 
C)  What output is produced? 
D)  Why is output produced?

Question 8

In periods of rising prices,real GDP will always rise more rapidly than nominal GDP.

Accepted Answer

A) True 
 B)False

Question 9

According to your textbook,which of the following spending categories ranks the contribution to GDP in correct order (from largest to smallest for the United States)?

Accepted Answer

A)  Consumer goods,total government purchases,investment goods,exports. 
B)  Consumer goods,investment goods,total government purchases,exports. 
C)  Investment goods,consumer goods,total government purchases,exports. 
D)  Total government purchases,consumer goods,investment goods,exports. 
A)  Consumer goods,total government purchases,investment goods,exports. 
B)  Consumer goods,investment goods,total government purchases,exports. 
C)  Investment goods,consumer goods,total government purchases,exports. 
D)  Total government purchases,consumer goods,investment goods,exports.

Question 10

In a monopoly situation,government regulation is incapable of improving market outcomes.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is NOT included in U.S.GDP?

Accepted Answer

A)  The construction of new homes to replace those destroyed by fires in California. 
B)  The salary of the President of the United States. 
C)  Shoes produced abroad and imported by a U.S.company. 
D)  The purchase of U. 
A)  The construction of new homes to replace those destroyed by fires in California. 
B)  The salary of the President of the United States. 
C)  Shoes produced abroad and imported by a U.S.company. 
D)  The purchase of U.

In the United States,all of the state and local governments combined use more of our scarce resources than does the federal government.

Growth in GDP per capita is achieved when population grows more rapidly than GDP.

Per capita GDP will always rise when:

Too much government regulation might do all of the following EXCEPT:

Per capita GDP is the most practical way to:

The economy of the United States is important because it:

Which question does the "distribution of income" relate to most directly?

In periods of rising prices,real GDP will always rise more rapidly than nominal GDP.

According to your textbook,which of the following spending categories ranks the contribution to GDP in correct order (from largest to smallest for the United States)?

In a monopoly situation,government regulation is incapable of improving market outcomes.

Which of the following is NOT included in U.S.GDP?

The Challenge of Economics

Supply and Demand

Consumer Demand

Supply Decisions

Competition

Monopoly

The Labor Market

Government Intervention

The Business Cycle

Aggregate Supply and Demand

Fiscal Policy

Money and Banks

Monetary Policy

Economic Growth

Theory and Reality

International Trade

Filters

Exam 2: The US Economy

In the United States,all of the state and local governments combined use more of our scarce resources than does the federal government.

Growth in GDP per capita is achieved when population grows more rapidly than GDP.

Per capita GDP will always rise when:

Too much government regulation might do all of the following EXCEPT:

Per capita GDP is the most practical way to:

The economy of the United States is important because it:

Which question does the "distribution of income" relate to most directly?

In periods of rising prices,real GDP will always rise more rapidly than nominal GDP.

According to your textbook,which of the following spending categories ranks the contribution to GDP in correct order (from largest to smallest for the United States)?

In a monopoly situation,government regulation is incapable of improving market outcomes.

Which of the following is NOT included in U.S.GDP?

The Challenge of Economics

Supply and Demand

Consumer Demand

Supply Decisions

Competition

Monopoly

The Labor Market

Government Intervention

The Business Cycle

Aggregate Supply and Demand

Fiscal Policy

Money and Banks

Monetary Policy

Economic Growth

Theory and Reality

International Trade

Filters