Question 1

Between 1960 and 2013 U.S.GDP, measured in dollars of constant purchasing power, expanded about 5.0 times.However, the standard of living only increased by 4 times over this period.Explain the difference.

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Question 2

The U.S.economy is the largest in the world.What two factors primarily explain this? What makes the U.S.economy unique?

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Question 3

List five major economic activities of government, and give an example of each.

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Question 4

Is the image of the typical American worker as a blue-collar worker true? Substantiate your answer with facts.

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Question 5

What important changes have occurred in the composition of the labor force since 1960? Is the popular image of the American worker as a factory worker accurate? Describe the types of jobs Americans are working in today.

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Question 6

Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?

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Question 7

The largest share of the typical American family budget goes to: ​

Accepted Answer

Housing expenses, including rent, mortgage payments, utilities, and maintenance costs, typically make up the largest share of the typical American family budget.

Question 8

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

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Question 9

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

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Question 10

A typical American family sends about _____% of its budget on services.​

Accepted Answer

According to the Bureau of Labor Statistics, in 2019, the average American family spent about 66% of their budget on services such as housing, healthcare, education, and transportation, while the remaining 34% was spent on goods like food, clothing, and entertainment. Therefore, the correct option is C.

Question 11

A nation's citizens often dislike the economy's distribution of income.Explain two methods for creating a more equal distribution of income.

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Question 12

It is often asserted that the United States no longer manufactures anything, and that instead it imports manufactured goods from countries like China.Critically evaluate this claim.

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Question 13

Unemployment rates in the U.S.are generally: ​

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...

Question 14

What you mean by business cycles? What are their consequences?

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Quiz 2: The Economy Myth and Reality