Econ 102 - Principles of Macroeconomics » Spring 2023 » Interesting Fact About US Economy Quiz

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Question #1
Government plays a role in which type of economy?
A.   Only socialist economies
B.   All economies
C.   Only free market economies like the U.S.
D.   Only mixed economies
Question #2
Currently, about what percentage of goods and services sold in the United States is imported?
A.   4%
B.   17%
C.   85%
D.   30%
Question #3
Government ownership of property and resources in the United States is
A.   About as common as it is in European countries
B.   Relatively rare; the United States is mostly privatized
C.   Rare, but has been increasing rapidly as the United States catches up to other countries
D.   Widespread; the United States is a leader in the amount of government ownership of resources
Question #4
In the United States, most workers
A.   Produce services rather than goods
B.   Work in agriculture and farming
C.   Produce raw materials for manufacturing
D.   Work for government of some sort
Question #5
Inputs, or factors of production, include
A.   all of these
B.   natural resources
C.   Labor
D.   machinery
Question #6
One of the most important changes in the composition of the labor force in the United States has been
A.   The increase in the ratio of male workers to female workers
B.   The steady decline in the number of women who work
C.   The drop in the number of men who only work part-time
D.   The major increase in the number of women who work outside the home
Question #7
The role of the government in a market economy includes all of the following EXCEPT
A.   Extensive ownership of productive resources
B.   Making and enforcing laws
C.   Providing services such as national defense
D.   Collecting taxes
Question #8
The payment to owners of capital include
A.   Interest and profits
B.   Wages and salaries
C.   Expenses and bonuses
D.   Debt and taxes
Question #9
On the world scale, how populous is he U.S. economy?
A.   second
B.   third
C.   first
D.   fourth
Question #10
The United States economy is (as measured in GDP per capita) is _________ when compared to the Chinese and Indian economies.
A.   Largest
B.   Second largest
C.   The third largest
D.   Larger than all other national economies combined

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