Question 1

According to the World View chart in the text, from highest to lowest real GDP per capita, which is correct?

Accepted Answer

A)   United States, Japan, France, Canada, China.
B)   United States, China, Japan, Germany, Russia.
C)   United States, Canada, Japan, France, South Korea.
D)   United States, China, India, Jordan, Germany, Japan, Russia.E) C) and D)
F) None of the above

Question 2

The standard of living rises when population growth exceeds economic growth.

Accepted Answer

A) True 
 B)False

Question 3

On average, since 1900 U.S. output has grown roughly ____ times faster than population growth.

Accepted Answer

A)   5
B)   4
C)   3
D)   2E) A) and B)
F) All of the above

Question 4

Those who are interested in assessing the relative standard of living of different countries over a given time period are most likely to look at

Accepted Answer

A)   GDP.
B)   Percentage change in GDP.
C)   Population.
D)   Per capita GDP.E) None of the above
F) All of the above

Question 5

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) A) and B)
F) A) and D)

Question 6

Which of the following is likely to be most capital-intensive?

Accepted Answer

A)   Farming in developing countries.
B)   Production of apparel by the Chinese.
C)   Oil refining in the United States.
D)   None of the choices are correct.E) None of the above
F) B) and C)

Question 7

Which component(s)  of U.S. real GDP decreased in size relative to total U.S. real GDP from 1950 to 2000?

Accepted Answer

A)   Only agriculture.
B)   Only manufacturing.
C)   Agriculture and manufacturing.
D)   Only services.E) All of the above
F) A) and B)

Question 8

How will an increase in factor mobility, ceteris paribus, affect an economy's production possibilities curve?

Accepted Answer

A)   Shift the curve inward.
B)   Result in a movement from inside the curve to a point on the curve.
C)   Shift the curve outward.
D)   Result in a movement along the curve.E) None of the above
F) A) and C)

Question 9

In the United States today, nearly _________ of the population has attained a college degree.

Accepted Answer

A)   30 percent
B)   15 percent
C)   50 percent
D)   40 percentE) B) and D)
F) None of the above

Question 10

Education and training are examples of investment in human capital.

Accepted Answer

A) True 
 B)False

Question 11

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) All of the above

Question 12

The best measure of how much output the average person would get if all output were divided evenly among the population would be

Accepted Answer

A)   GDP.
B)   The economic growth of the economy.
C)   Per capita GDP.
D)   The capital stock of the economy.E) A) and C)
F) B) and C)

Question 13

The World View article titled "The Education Gap between Rich and Poor Nations" says that a greater percentage of people graduate from high school in rich nations than in poor nations. This investment in human capital can lead to

Accepted Answer

A)   Lower productivity.
B)   Increased output per worker.
C)   Lower labor quality.
D)   A bigger capital stock.E) All of the above
F) A) and C)

Question 14

Which of the following contains the two sectors whose percentage contribution to the real GDP has declined since 1900?

Accepted Answer

A)   Farming and manufacturing.
B)   Manufacturing and exports.
C)   Farming and services.
D)   Services and exports.E) A) and B)
F) All of the above

Question 15

According to the World View excerpt that compares GDP figures for several nations, Russia's real GDP is approximately

Accepted Answer

A)   More than that of Germany.
B)   More than that of China.
C)   More than that of South Korea.
D)   None of the choices are correct.E) A) and B)
F) A) and C)

Question 16

Outsourcing leads to

Accepted Answer

A)   Increases in total output, but with temporary job losses for some domestic workers.
B)   Increases in total output, but with permanent job losses for some domestic workers.
C)   Decreases in total output, but with no changes in the number of domestic jobs available.
D)   Decreases in total output, along with permanent job losses for some domestic workers.E) All of the above
F) B) and C)

Question 17

The richest fifth of U.S. households get nearly half of all U.S. income.

Accepted Answer

A) True 
 B)False

Question 18

The World View article in the text titled "Income Share of the Rich" reports, "In poor, developing countries the richest tenth of the population typically gets 40 to 50 percent of all income." Which of the following is a form of government intervention designed to change this situation?

Accepted Answer

A)   Antitrust laws.
B)   Spillover costs.
C)   Laissez faire.
D)   Rich nations opening up their domestic markets to exports from poor nations.E) C) and D)
F) B) and D)

Question 19

The theory of how to grow GDP is

Accepted Answer

A)   An equity concept while the theory of how to divide GDP is an equity concept.
B)   An equity concept while the theory of how to divide GDP is an efficiency concept.
C)   An efficiency concept while the theory of how to divide GDP is an equity concept.
D)   An efficiency concept while the theory of how to divide GDP is an efficiency concept.E) A) and C)
F) C) and D)

Question 20

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) C) and D)
F) A) and B)

Exam 2: The Us Economy: a Global View

Those who are interested in assessing the relative standard of living of different countries over a given time period are most likely to look at

Correct AnswerverifiedShow Answer

According to the World View excerpt that compares GDP figures for several nations, Russia's real GDP is approximately

Correct AnswerverifiedShow Answer

On average, since 1900 U.S. output has grown roughly ____ times faster than population growth.

Correct AnswerverifiedShow Answer

Outsourcing leads to

Correct AnswerverifiedShow Answer

Which of the following is likely to be most capital-intensive?

Correct AnswerverifiedShow Answer

Which of the following statements is true concerning income inequality?

Correct AnswerverifiedShow Answer

The best measure of how much output the average person would get if all output were divided evenly among the population would be

Correct AnswerverifiedShow Answer

The richest fifth of U.S. households get nearly half of all U.S. income.

Correct AnswerverifiedShow Answer

The standard of living rises when population growth exceeds economic growth.

Correct AnswerverifiedShow Answer

How will an increase in factor mobility, ceteris paribus, affect an economy's production possibilities curve?

Correct AnswerverifiedShow Answer

The World View article in the text titled "Income Share of the Rich" reports, "In poor, developing countries the richest tenth of the population typically gets 40 to 50 percent of all income." Which of the following is a form of government intervention designed to change this situation?

Correct AnswerverifiedShow Answer

According to the World View chart in the text, from highest to lowest real GDP per capita, which is correct?

Correct AnswerverifiedShow Answer

Which component(s) of U.S. real GDP decreased in size relative to total U.S. real GDP from 1950 to 2000?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The theory of how to grow GDP is

Correct AnswerverifiedShow Answer

Which of the following contains the two sectors whose percentage contribution to the real GDP has declined since 1900?

Correct AnswerverifiedShow Answer

The World View article titled "The Education Gap between Rich and Poor Nations" says that a greater percentage of people graduate from high school in rich nations than in poor nations. This investment in human capital can lead to

Correct AnswerverifiedShow Answer

In the United States today, nearly _________ of the population has attained a college degree.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Education and training are examples of investment in human capital.

Correct AnswerverifiedShow Answer

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