How does the U.S. economy rank in size?
a. first in economic output
b. second in economic output
c. third in economic output
d. fourth in economic output
e. fifth in economic output
A
Inputs, or factors of production, include
a. labor.
b. machinery.
c. natural resources.
d. all of the above.
D
The working population of the United States is approximately
a. 140 million
b. 290 million
c. 1.1 billion
d. 1.3 billion
A
California were a separate economy, it would be the ____ largest economy on earth.
a. second
b. third
c. fifth
d. eighth
C
Government ownership of property and resources in the United States is
a. about as common as it is in European countries.
b. widespread; the United States is a leader in the amount of government ownership of
resources.
c. relatively rare; the United State
C
Gross domestic product is a. the largest industry in an economy.
b. the money value of all final goods and services produced in a year.
c. the volume of goods and services which are subject to international trade.
d. goods and services produced by private
B
How does the United States compare to other advanced, industrialized economies on the issue of openness?
a. It is completely closed.
b. It is one of the less open of them.
c. It is about average in openness.
d. It is one of the more open of them.
e. It is
B
Which of the following is the most open economy? a. Germany
b. the Netherlands
c. the United States
d. Japan
e. Canada
B
Economic progress is best measured by
a. the growth rate of prices over time.
b. the growth rate of GDP per capita
c. the amount of time it takes a worker to work to afford certain goods and services.
d. the growth rate in the population.
B
A recession can best be defined as a period of time in which
a. total output of the economy falls.
b. total output of the economy rises very slowly.
c. total unemployment falls.
d. total international trade fails to rise.
e. Both a and c
A