Question 1

As of 2010, per capita GDP in the United States was approximately how many times the world average?

Accepted Answer

A)   3.
B)   5.
C)   7.
D)   9.E) None of the above
F) A) and B)

Question 2

Which of the following statements is true concerning income inequality?

Accepted Answer

A)   Income is equally distributed in poor countries.
B)   Developed countries have greater income inequality than developing countries.
C)   The government has no way to alter income inequality.
D)   The free market produces an unequal distribution of income.E) All of the above
F) A) and D)

Question 3

A U.S.firm that outsources jobs would be

Accepted Answer

A)   Building a factory in Canada and hiring Canadian workers.
B)   Buying raw materials from a Chinese firm instead of a U.S. firm.
C)   Buying computers assembled in Mexico that used U.S. parts.
D)   All of the choices are correct.E) A) and D)
F) None of the above

Question 4

As of 2010, to be in the bottom quintile for income distribution in the United States, a family needed in income no more than

Accepted Answer

A)   $15,000.
B)   $21,000.
C)   $27,000.
D)   $35,000.E) A) and C)
F) None of the above

Question 5

In a market economy with no government intervention, the HOW to produce question is based on

Accepted Answer

A)   Production costs alone.
B)   Production costs plus environmental considerations.
C)   Environmental considerations only.
D)   Consumer demand.E) A) and B)
F) A) and C)

Question 6

Which of the following would be a legitimate government activity in the U.S.economy?

Accepted Answer

A)  The enactment of antitrust laws to protect consumers.
B)   The regulation of water pollution.
C)   Enforcing child labor laws.
D)   All of the choices are correct.E) A) and C)
F) A) and D)

Question 7

How is per capita GDP affected by GDP growth and population growth?

Accepted Answer

Per capita GDP is the dollar value of GD...

Question 8

Which of the following statements is true about the U.S.economy?

Accepted Answer

A)  The United States produces nearly one-fifth of the world's production.
B)   The United States has the world's third largest economy.
C)   The United States produces less than half as much as China does.
D)   The United States produces less than one-third as much as Japan does.E) None of the above
F) All of the above

Question 9

Which of the following is an indicator of how much output the average person would get if all output were divided up evenly among the population?

Accepted Answer

A)   GDP.
B)  Economic growth.
C)   Per capita GDP.
D)   Real GDP.E) None of the above
F) All of the above

Question 10

According to the World View titled "Income Share of the Rich," in which of the following would the top tenth of the population be most likely to receive the highest percentage of the country's income?

Accepted Answer

A)   Japan.
B)   The United States.
C)   Germany.
D)   Haiti.E) C) and D)
F) None of the above

Question 11

Which of the following contributes to the high productivity of American workers?

Accepted Answer

A)   The labor-intensive production process in the United States.
B)   The abundance of capital relative to labor.
C)   The low level of factor mobility.
D)   The decreasing investment in human capital.E) C) and D)
F) None of the above

Question 12

How is per capita GDP calculated, and what does it tell us about the economy?

Accepted Answer

Per capita GDP is the dollar value of GD...

Question 13

The richest 20 percent of the families in the United States receive approximately ______ percent of total income.

Accepted Answer

A)   10
B)   20
C)   50
D)   90E) A) and B)
F) C) and D)

Question 14

The World View article titled "The Education Gap between Rich and Poor Nations" says that 85 percent of all Americans graduate from high school.This is an example of

Accepted Answer

A)   The inequitable distribution of income.
B)   A negative externality.
C)   Investment in human capital.
D)   Capital-intensive production.E) A) and B)
F) C) and D)

Question 15

The government establishes the rules of the game for economic transactions in order to

Accepted Answer

A)   Legitimatize and enforce contracts.
B)   Discourage the production of capital.
C)   Discourage the ownership of property.
D)   Encourage spillover costs.E) All of the above
F) None of the above

Question 16

When unregulated monopolies exist,

Accepted Answer

A)   Prices tend to be higher than with a competitive market.
B)   Quality tends to be higher than with a competitive market.
C)   Production tends to be higher than with a competitive market.
D)   Externalities occur.E) None of the above
F) C) and D)

Question 17

The United States has roughly how much of the world's population?

Accepted Answer

A)   5 percent.
B)   10 percent.
C)   15 percent.
D)   20 percent.E) A) and C)
F) C) and D)

Question 18

Outsourcing is a source of increased U.S.output.

Accepted Answer

A) True 
 B)False

Question 19

When compared to the average household in most low-income countries, poor people in the United States receive

Accepted Answer

A)   About the same amount of goods and services.
B)   Somewhat fewer goods and services.
C)   Far fewer goods and services.
D)   Far more goods and services.E) A) and B)
F) A) and C)

Question 20

The income distribution of the United States is basically the nation's answer to the

Accepted Answer

A)   WHAT question.
B)   HOW question.
C)   FOR WHOM question.
D)   WHAT, HOW, and FOR WHOM questions.E) None of the above
F) B) and D)

Exam 2: The Useconomy: a Global View

How is per capita GDP affected by GDP growth and population growth?

Correct AnswerverifiedPer capita GDP is the dollar value of GD...View AnswerShow Answer

As of 2010, per capita GDP in the United States was approximately how many times the world average?

Correct AnswerverifiedShow Answer

Which of the following is an indicator of how much output the average person would get if all output were divided up evenly among the population?

Correct AnswerverifiedShow Answer

As of 2010, to be in the bottom quintile for income distribution in the United States, a family needed in income no more than

Correct AnswerverifiedShow Answer

Which of the following statements is true concerning income inequality?

Correct AnswerverifiedShow Answer

Which of the following would be a legitimate government activity in the U.S.economy?

Correct AnswerverifiedShow Answer

Which of the following statements is true about the U.S.economy?

Correct AnswerverifiedShow Answer

The United States has roughly how much of the world's population?

Correct AnswerverifiedShow Answer

The richest 20 percent of the families in the United States receive approximately ______ percent of total income.

Correct AnswerverifiedShow Answer

The World View article titled "The Education Gap between Rich and Poor Nations" says that 85 percent of all Americans graduate from high school.This is an example of

Correct AnswerverifiedShow Answer

When unregulated monopolies exist,

Correct AnswerverifiedShow Answer

The government establishes the rules of the game for economic transactions in order to

Correct AnswerverifiedShow Answer

In a market economy with no government intervention, the HOW to produce question is based on

Correct AnswerverifiedShow Answer

Which of the following contributes to the high productivity of American workers?

Correct AnswerverifiedShow Answer

How is per capita GDP calculated, and what does it tell us about the economy?

Correct AnswerverifiedPer capita GDP is the dollar value of GD...View AnswerShow Answer

According to the World View titled "Income Share of the Rich," in which of the following would the top tenth of the population be most likely to receive the highest percentage of the country's income?

Correct AnswerverifiedShow Answer

A U.S.firm that outsources jobs would be

Correct AnswerverifiedShow Answer

When compared to the average household in most low-income countries, poor people in the United States receive

Correct AnswerverifiedShow Answer

The income distribution of the United States is basically the nation's answer to the

Correct AnswerverifiedShow Answer

Outsourcing is a source of increased U.S.output.

Correct AnswerverifiedShow Answer

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Per capita GDP is the dollar value of GD...
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Per capita GDP is the dollar value of GD...
View Answer

Correct Answer
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