Question 1

Most workers in the U.S. labor force are involved in providing services, rather than in manufacturing physical goods.

Accepted Answer

A) True 
 B)False

Question 2

_________ _________ is the accumulated education and training of workers.

Accepted Answer

The answer of _________ _________ is the accumulated education and...

Question 3

The factors of production are _________, _________ , _________ , and _________ .

Accepted Answer

land; labo...

Question 4

In choosing a method of production, firms will seek to use the least-cost combination of inputs.

Accepted Answer

A) True 
 B)False

Question 5

A firm cannot continue in business unless it earns a _________ .

Accepted Answer

The answer of A firm cannot continue in business unless...

Question 6

Changes in GDP over the years tell us

Accepted Answer

A)   what the rate of economic growth has been.
B)   how fast the population is growing.
C)   whether the distribution of income is becoming more equal.
D)   whether the distribution of wealth is becoming more equal.E) A) and D)
F) None of the above

Question 7

What is the incentive effect?

Accepted Answer

A)   A disparity of wealth causes people to strive to become successful.
B)   Generous welfare benefits for the unemployed create a productive labor force.
C)   Our global economy results in firms with supply lines running through several countries.
D)   Current communications technology allows many people to work from home.E) None of the above
F) A) and D)

Question 8

Which one of the following is NOT true?

Accepted Answer

A)   GDP measures the value of what is invested.
B)   GDP statistics are not equally reliable in all countries.
C)   Real GDP increases as economic growth occurs.
D)   GDP is a measure of production.E) A) and D)
F) C) and D)

Exam 2: The United States Within the World Economy

The factors of production are _____, _ , _ , and _____ .

Correct Answer
verified
land; labo...
View Answer

Which one of the following is NOT true?

Correct Answer
verified

Most workers in the U.S. labor force are involved in providing services, rather than in manufacturing physical goods.

Correct Answer
verified

Changes in GDP over the years tell us

Correct Answer
verified

In choosing a method of production, firms will seek to use the least-cost combination of inputs.

Correct Answer
verified

What is the incentive effect?

Correct Answer
verified

_ _ is the accumulated education and training of workers.

Correct Answer
verified

A firm cannot continue in business unless it earns a _________ .

Correct Answer
verified

Exam 2: The United States Within the World Economy

The factors of production are _________, _________ , _________ , and _________ .

Correct Answerverifiedland; labo...View AnswerShow Answer

Which one of the following is NOT true?

Correct AnswerverifiedShow Answer

Most workers in the U.S. labor force are involved in providing services, rather than in manufacturing physical goods.

Correct AnswerverifiedShow Answer

Changes in GDP over the years tell us

Correct AnswerverifiedShow Answer

In choosing a method of production, firms will seek to use the least-cost combination of inputs.

Correct AnswerverifiedShow Answer

What is the incentive effect?

Correct AnswerverifiedShow Answer

_________ _________ is the accumulated education and training of workers.

Correct AnswerverifiedShow Answer

A firm cannot continue in business unless it earns a _________ .

Correct AnswerverifiedShow Answer

The factors of production are _____, _ , _ , and _____ .

Correct Answer
verified
land; labo...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

_ _ is the accumulated education and training of workers.

Correct Answer
verified

Correct Answer
verified