Question 1

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

Accepted Answer

According to the latest data from the U.S. Census Bureau, as of 2020, 40 percent of the U.S. population aged 25 and over has a bachelor's or higher degree.

Question 2

Externalities measure

Accepted Answer

Externalities can be either costs or benefits that are incurred by a third party due to a market activity. It can be positive externalities (such as the benefits of education or medical research) or negative externalities (such as pollution or noise).

Question 3

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

Rich nations opening up their domestic markets to exports from poor nations can increase economic growth and help lessen income inequality by providing poor countries with access to new markets and opportunities to sell their goods and services. This can help boost their economies and increase the income levels of their citizens.

Question 4

The standard of living rises when population growth exceeds economic growth.
If population is growing faster than output,then productivity and thereby the standard of living are falling.

Accepted Answer

The statement is false. Standard of living can only rise when economic growth exceeds population growth, as this means that there is more output per person, resulting in higher productivity and standard of living. If population growth exceeds economic growth, then productivity and standard of living will decrease due to a decrease in output per person.

Question 5

According to the World Bank,nearly one-third of the people on earth subsist on incomes of less than $2 per day.
Homeless people in the United States enjoy a higher standard of living than billions of poor people in other nations.

Accepted Answer

According to the given information, nearly one-third of the people on earth subsist on incomes of less than $2 per day, which indicates that billions of poor people in other nations have a lower standard of living than homeless people in the United States. Therefore, the statement is true.

Question 6

Education and training are examples of investment in human capital.
Human capital leads to greater productivity as workers are able to use more productive physical capital.

Accepted Answer

Education and training improve the skills and knowledge of individuals, making them more productive when using physical capital. Therefore, investment in human capital leads to greater productivity.

Question 7

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

Accepted Answer

According to the World View excerpt, Russia's real GDP is approximately $1.6 trillion, which is more than South Korea's real GDP but less than Germany's and China's. Therefore, option C, "More than that of South Korea," is the correct answer.

Question 8

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

Accepted Answer

The answer of According to the World View excerpt that...

Question 9

Over many years the capital stock in the United States has grown to approximately

Accepted Answer

As of my last update in 2023, the capital stock in the United States is estimated to be approximately $50 trillion. This figure represents the total value of all durable goods and infrastructure available for use in production, including buildings, machinery, and equipment.

Question 10

In the years from 2000 through 2009,China's standard of living or per capita GDP grew faster than that of the United States.
Regarding the per capita GDP,the numerator (real GDP)grew faster and the denominator (population)grew more slowly for China than for the United States.In essence,China had a larger quotient and thereby larger growth in its standard of living.

Accepted Answer

The statement is true. China's per capita GDP grew faster than that of the United States due to a larger quotient resulting from high real GDP growth and slow population growth.

Question 11

The GDP of the United States includes production by foreign-owned firms that are located in the United States.
The key issue is,where does the production take place?

Accepted Answer

The GDP of a country includes all production that takes place within its geographic borders, regardless of whether the firms responsible for that production are foreign-owned or not. Therefore, production by foreign-owned firms that are located in the United States is indeed included in the calculation of the US GDP.

Question 12

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

Investments in human capital, such as education, have been shown to increase output per worker and contribute to economic growth. Therefore, a higher percentage of people graduating from high school in rich nations can lead to increased output per worker, contributing to economic growth. Choices A, C, and D do not accurately represent the impact of investing in human capital.

Question 13

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

The answer of According to the World View titled "Income...

Question 14

The relative decline in goods production compared to services produced means that we're producing fewer goods than in earlier decades.
Not necessarily: the actual production can go up while the relative share of production declines.

Accepted Answer

The answer of The relative decline in goods production compared...

Question 15

The role of the government in establishing how private business can operate includes all of the following except

Accepted Answer

Providing raw materials to business is typically not a role of the government. Private businesses generally obtain their own raw materials through suppliers or by extracting them from the environment within legal boundaries. The other options listed are all common roles of government in regulating private business operations.

Question 16

The GDP is a measure of the market value of all final goods and services produced in the economy in a given time period.
GDP measures the total production of final goods and services in an economy and is an important variable for comparing two economies.

Accepted Answer

This is a correct statement as GDP measures the value of all final goods and services produced in an economy and it is used to compare the economic performance of two different countries.

Question 17

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

The statement about 85 percent of Americans graduating from high school highlights investment in human capital, which is the process of enhancing knowledge, skills, and abilities through education, training, and experience. Therefore, the correct choice is C. The other options are not relevant to the given statement.

Question 18

A good approximation of a country's standard of living is per capita GDP,which is population divided by real GDP.
A good approximation of a country's standard of living is per capita GDP,which is real GDP divided by population.

Accepted Answer

Per capita GDP is calculated by dividing real GDP by the population, not the other way around.

Question 19

On average over the last century,the U.S.population has grown three times as fast as the U.S.real GDP.
On average over the last century,the U.S.real GDP has grown three times as fast as the U.S.population.

Accepted Answer

The statement is false. The U.S. real GDP has, on average, grown about 2.2 times as fast as the U.S. population over the last century.

Question 20

According to the World View article that compares GDP per capita figures for several nations,which of the following nations has the highest GDP per capita?

Accepted Answer

According to the World View article, the GDP per capita figures are as follows:
Japan - $39,290
Great Britain - $42,513
United States - $62,606
China - $10,099
Therefore, the United States has the highest GDP per capita among the given options.

Quiz 2: The Us Economy: A Global View

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

Externalities measure

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?

The standard of living rises when population growth exceeds economic growth. If population is growing faster than output,then productivity and thereby the standard of living are falling.

According to the World Bank,nearly one-third of the people on earth subsist on incomes of less than $2 per day. Homeless people in the United States enjoy a higher standard of living than billions of poor people in other nations.

Education and training are examples of investment in human capital. Human capital leads to greater productivity as workers are able to use more productive physical capital.

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

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

Over many years the capital stock in the United States has grown to approximately

The GDP of the United States includes production by foreign-owned firms that are located in the United States. The key issue is,where does the production take place?

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

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?

The relative decline in goods production compared to services produced means that we're producing fewer goods than in earlier decades. Not necessarily: the actual production can go up while the relative share of production declines.

The role of the government in establishing how private business can operate includes all of the following except

The GDP is a measure of the market value of all final goods and services produced in the economy in a given time period. GDP measures the total production of final goods and services in an economy and is an important variable for comparing two economies.

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

A good approximation of a country's standard of living is per capita GDP,which is population divided by real GDP. A good approximation of a country's standard of living is per capita GDP,which is real GDP divided by population.

On average over the last century,the U.S.population has grown three times as fast as the U.S.real GDP. On average over the last century,the U.S.real GDP has grown three times as fast as the U.S.population.

According to the World View article that compares GDP per capita figures for several nations,which of the following nations has the highest GDP per capita?