Question 1

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

Accepted Answer

A)  the major increase in the number of women who work outside the home. 
B)  the drop in the number of men who only work part-time. 
C)  the steady decline in the number of women who work. 
D)  the increase in the ratio of male workers to female workers. 
E)  the major increase in the number of men who work away from the home or farm. 
A)  the major increase in the number of women who work outside the home. 
B)  the drop in the number of men who only work part-time. 
C)  the steady decline in the number of women who work. 
D)  the increase in the ratio of male workers to female workers. 
E)  the major increase in the number of men who work away from the home or farm. A

Question 2

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

Accepted Answer

A) True 
 B)False  True

Question 3

Transfer payments are money received as grants from government.

Accepted Answer

A) True 
 B)False  True

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Workers earn more than half of the income generated by the production process.

Accepted Answer

A) True 
 B)False

Question 6

The concept of government as redistributor is

Accepted Answer

A)  approved by many, but questioned by many as well. 
B)  generally rejected as against "the American way." 
C)  largely approved by a vast majority of Americans. 
D)  unnecessary in the United States because income disparities are small. 
E)  a conservative idea that many liberals reject. 
A)  approved by many, but questioned by many as well. 
B)  generally rejected as against "the American way." 
C)  largely approved by a vast majority of Americans. 
D)  unnecessary in the United States because income disparities are small. 
E)  a conservative idea that many liberals reject.

Question 7

An industry can be defined as

Accepted Answer

A)  the group of all firms that sell a product. 
B)  any company that produces and sells something. 
C)  the set of buyers of a particular good or service. 
D)  the top companies that sell something. 
A)  the group of all firms that sell a product. 
B)  any company that produces and sells something. 
C)  the set of buyers of a particular good or service. 
D)  the top companies that sell something.

Question 8

Nonconsumption spending accounts for roughly what percent of total output of goods and services?

Accepted Answer

A)  20% 
B)  30% 
C)  40% 
D)  60% 
A)  20% 
B)  30% 
C)  40% 
D)  60%

Question 9

The United States economy is

Accepted Answer

A)  the third largest in the world. 
B)  larger than all other national economies combined. 
C)  second largest in the world, behind Japan. 
D)  largest in the world. 
A)  the third largest in the world. 
B)  larger than all other national economies combined. 
C)  second largest in the world, behind Japan. 
D)  largest in the world.

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

The United States is the largest national economy in the world.

Accepted Answer

A) True 
 B)False

Question 13

The federal government employs more civilians than state and local governments.

Accepted Answer

A) True 
 B)False

Question 14

Antitrust laws are designed to

Accepted Answer

A)  preserve competition. 
B)  protect the environment. 
C)  protect the public's trust in the government. 
D)  all of the above. 
A)  preserve competition. 
B)  protect the environment. 
C)  protect the public's trust in the government. 
D)  all of the above.

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

In a mixed economy

Accepted Answer

A)  all economies choose the same mix of private and public involvement in the economy. 
B)  the government is more important than the private sector in generating output. 
C)  there is some government influence over the workings of the free market. 
D)  all of the above. 
A)  all economies choose the same mix of private and public involvement in the economy. 
B)  the government is more important than the private sector in generating output. 
C)  there is some government influence over the workings of the free market. 
D)  all of the above.

Question 17

A recession is a period of time in which real GDP falls.

Accepted Answer

A) True 
 B)False

Question 18

One important role for government as referee is in defining and enforcing property rights.

Accepted Answer

A) True 
 B)False

Question 19

The factors of production include all goods and services produced in an economy.

Accepted Answer

A) True 
 B)False

Question 20

The U.S.economy rarely grows.

Accepted Answer

A) True 
 B)False

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

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

Transfer payments are money received as grants from government.

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

Workers earn more than half of the income generated by the production process.

The concept of government as redistributor is

An industry can be defined as

Nonconsumption spending accounts for roughly what percent of total output of goods and services?

The United States economy is

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

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

The United States is the largest national economy in the world.

The federal government employs more civilians than state and local governments.

Antitrust laws are designed to

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

In a mixed economy

A recession is a period of time in which real GDP falls.

One important role for government as referee is in defining and enforcing property rights.

The factors of production include all goods and services produced in an economy.

The U.S.economy rarely grows.

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

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

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

Transfer payments are money received as grants from government.

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

Workers earn more than half of the income generated by the production process.

The concept of government as redistributor is

An industry can be defined as

Nonconsumption spending accounts for roughly what percent of total output of goods and services?

The United States economy is

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

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

The United States is the largest national economy in the world.

The federal government employs more civilians than state and local governments.

Antitrust laws are designed to

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

In a mixed economy

A recession is a period of time in which real GDP falls.

One important role for government as referee is in defining and enforcing property rights.

The factors of production include all goods and services produced in an economy.

The U.S.economy rarely grows.

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