Question 1

Roughly 144 million people in the United States hold jobs.

Accepted Answer

A) True 
 B)False  True

Question 2

When government defines and enforces property rights,this is an example of government as

Accepted Answer

A)  referee. 
B)  regulator of business. 
C)  buyer of goods and services. 
D)  tax collector. 
E)  redistributor. 
A)  referee. 
B)  regulator of business. 
C)  buyer of goods and services. 
D)  tax collector. 
E)  redistributor. A

Question 3

The government redistributes income to the poor,primarily through

Accepted Answer

A)  progressive taxes. 
B)  transfer payments. 
C)  government purchases. 
D)  both a and B 
A)  progressive taxes. 
B)  transfer payments. 
C)  government purchases. 
D)  both a and B D

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

All industrialized countries have become "service economies" in recent decades.Explain the reasons behind this shift.

Accepted Answer

To a considerable degree,this shift to s

Question 6

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

Accepted Answer

A)  $1.7 billion 
B)  $1.9 trillion 
C)  $3.7 trillion 
D)  $14.0 trillion 
A)  $1.7 billion 
B)  $1.9 trillion 
C)  $3.7 trillion 
D)  $14.0 trillion

Question 7

A tax is progressive if it raises a greater fraction of total tax revenue every year.

Accepted Answer

A) True 
 B)False

Question 8

Government is unnecessary in a free enterprise economy such as the United States.

Accepted Answer

A) True 
 B)False

Question 9

How does the United States compare to other nations on a per capita scale as far as government production and taxation?

Accepted Answer

Government production as a share of GDP

Question 10

There are about 5 million business firms in the Unites States.

Accepted Answer

A) True 
 B)False

Question 11

Most American workers

Accepted Answer

A)  are employed in the goods-producing sector. 
B)  are employed by government. 
C)  are employed in the service-producing sector. 
D)  are employed in the agricultural sector. 
A)  are employed in the goods-producing sector. 
B)  are employed by government. 
C)  are employed in the service-producing sector. 
D)  are employed in the agricultural sector.

Question 12

Inputs,or factors of production,include

Accepted Answer

A)  labor. 
B)  machinery. 
C)  natural resources. 
D)  all of the above. 
A)  labor. 
B)  machinery. 
C)  natural resources. 
D)  all of the above.

Question 13

Economic fluctuations are defined as

Accepted Answer

A)  alternating periods of significant GDP growth and decline. 
B)  events only encountered in developing countries. 
C)  periods of stable economic growth. 
D)  alternating periods of unemployment falling above and below zero. 
A)  alternating periods of significant GDP growth and decline. 
B)  events only encountered in developing countries. 
C)  periods of stable economic growth. 
D)  alternating periods of unemployment falling above and below zero.

Question 14

In the United States,most workers

Accepted Answer

A)  work for government of some sort. 
B)  produce raw materials for manufacturing. 
C)  work in agriculture and farming. 
D)  produce services rather than goods. 
A)  work for government of some sort. 
B)  produce raw materials for manufacturing. 
C)  work in agriculture and farming. 
D)  produce services rather than goods.

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Prosperity in the United States is evenly distributed across the fifty states.

Accepted Answer

A) True 
 B)False

Question 17

The average hourly wage (excluding benefits)in the United States is currently

Accepted Answer

A)  $7.50 
B)  $9.95 
C)  $15.00 
D)  $20.00 
A)  $7.50 
B)  $9.95 
C)  $15.00 
D)  $20.00

Question 18

The U.S.economy is relatively open in terms of economic activity related to international trade.

Accepted Answer

A) True 
 B)False

Question 19

The payments to owners of capital include

Accepted Answer

A)  interest and profits. 
B)  debt and taxes. 
C)  wages and salaries. 
D)  expenses and bonuses. 
E)  All of the above are correct. 
A)  interest and profits. 
B)  debt and taxes. 
C)  wages and salaries. 
D)  expenses and bonuses. 
E)  All of the above are correct.

Question 20

For those workers who are given fringe benefits such as health insurance and pensions,the additional income this amounts to over and above the average hourly wage can be as much as (for some workers)

Accepted Answer

A)  10-12% 
B)  30-40% 
C)  51-62%% 
D)  70% or more 
A)  10-12% 
B)  30-40% 
C)  51-62%% 
D)  70% or more

Roughly 144 million people in the United States hold jobs.

When government defines and enforces property rights,this is an example of government as

The government redistributes income to the poor,primarily through

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

All industrialized countries have become "service economies" in recent decades.Explain the reasons behind this shift.

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

A tax is progressive if it raises a greater fraction of total tax revenue every year.

Government is unnecessary in a free enterprise economy such as the United States.

How does the United States compare to other nations on a per capita scale as far as government production and taxation?

There are about 5 million business firms in the Unites States.

Most American workers

Inputs,or factors of production,include

Economic fluctuations are defined as

In the United States,most workers

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

Prosperity in the United States is evenly distributed across the fifty states.

The average hourly wage (excluding benefits)in the United States is currently

The U.S.economy is relatively open in terms of economic activity related to international trade.

The payments to owners of capital include

For those workers who are given fringe benefits such as health insurance and pensions,the additional income this amounts to over and above the average hourly wage can be as much as (for some workers)

What Is Economics

The Fundamental Economic Problem Scarcity and Choice

Supply and Demand An Initial Look

An Introduction To Macroeconomics

The Goals Of Macroeconomic Policy

Economic Growth Theory And Policy

Aggregate Demand and The Powerful Consumer

Demand Side Equilibrium Unemployment Or Inflation

Bringing In The Supply Side Unemployment and Inflation

Managing Aggregate Demand Fiscal Policy

Money and The Banking System

Monetary Policy Conventional and Unconventional

The Financial Crisis and The Great Recession

The Debate Over Monetary and Fiscal Policy

Budget Deficits In The Short and Long Run

The Trade Off Between Inflation and Unemployment

International Trade and Comparative Advantage

The International Monetary System Order Or Disorder

Exchange Rates and The Macroeconomy

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Exam 2: The Economy Myth and Reality

Roughly 144 million people in the United States hold jobs.

When government defines and enforces property rights,this is an example of government as

The government redistributes income to the poor,primarily through

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

All industrialized countries have become "service economies" in recent decades.Explain the reasons behind this shift.

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

A tax is progressive if it raises a greater fraction of total tax revenue every year.

Government is unnecessary in a free enterprise economy such as the United States.

How does the United States compare to other nations on a per capita scale as far as government production and taxation?

There are about 5 million business firms in the Unites States.

Most American workers

Inputs,or factors of production,include

Economic fluctuations are defined as

In the United States,most workers

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

Prosperity in the United States is evenly distributed across the fifty states.

The average hourly wage (excluding benefits)in the United States is currently

The U.S.economy is relatively open in terms of economic activity related to international trade.

The payments to owners of capital include

For those workers who are given fringe benefits such as health insurance and pensions,the additional income this amounts to over and above the average hourly wage can be as much as (for some workers)

What Is Economics

The Fundamental Economic Problem Scarcity and Choice

Supply and Demand An Initial Look

An Introduction To Macroeconomics

The Goals Of Macroeconomic Policy

Economic Growth Theory And Policy

Aggregate Demand and The Powerful Consumer

Demand Side Equilibrium Unemployment Or Inflation

Bringing In The Supply Side Unemployment and Inflation

Managing Aggregate Demand Fiscal Policy

Money and The Banking System

Monetary Policy Conventional and Unconventional

The Financial Crisis and The Great Recession

The Debate Over Monetary and Fiscal Policy

Budget Deficits In The Short and Long Run

The Trade Off Between Inflation and Unemployment

International Trade and Comparative Advantage

The International Monetary System Order Or Disorder

Exchange Rates and The Macroeconomy

Filters