TEST BANK FOR MICROECONOMICS PRINCIPLES AND POLICY 14TH EDITION BAUMOL

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TRUE/FALSE Edition Baumol
1 : The United States is the largest national economy in the world.
A : true
B : false

Correct Answer : A

2 : The U.S. economy is unique for both its size and prosperity.
A : true
B : false

Correct Answer : A

3 : The factors of production include all goods and services produced in an economy.
A : true
B : false

Correct Answer : B

4 : Outputs include goods but not services.
A : true
B : false

Correct Answer : B

5 : Population density varies little between the 50 states.
A : true
B : false

Correct Answer : B

6 : Prosperity in the United States is evenly distributed across the 50 states.
A : true
B : false

Correct Answer : B

7 : In the United States, all property is privately owned.
A : true
B : false

Correct Answer : B

8 : Gross domestic product is the money value of all final goods and services produced in an economy in a year.
A : true
B : false

Correct Answer : A

9 : Gross domestic product is the money value of manufacturing production in a year.
A : true
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B : false THE Test Bank for Microeconomics Principles & Policy 14th
Edition Baumol
Correct Answer : B

10 : GDP is a measure of the total output of an economy.
A : true
B : false

Correct Answer : A

11 : Real GDP is the dollar value of all goods and services produced in an economy.
A : true
B : false

Correct Answer : B

12 : Government production accounts for about half of all GDP in the United States.
A : true
B : false

Correct Answer : B

13 : The United States is one of the most “marketized” economies in the world.
A : true
B : false

Correct Answer : A

14 : The United States is one of the least “marketized” economies in the world.
A : true
B : false

Correct Answer : B

15 : The U.S. economy is relatively open in terms of economic activity related to international trade.
A : true
B : false

Correct Answer : B

16 : The U.S. economy has become a less open economy over the past 50 years.
A : true
B : false

Correct Answer : B

17 : The U.S. economy has become a less closed economy over the past 50 years.
A : true
B : false

Correct Answer : A

18 : The U.S. economy is relatively closed in terms of economic activity related to exports and imports.
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A : true THE Test Bank for Microeconomics Principles & Policy 14th
B : false Edition Baumol

Correct Answer : A

19 : An open economy produces most of the goods and services that it needs, with few imports and exports.
A : true
B : false

Correct Answer : B

20 : An open economy is one in which exports and imports constitute a large share of GDP.
A : true
B : false

Correct Answer : A

21 : A closed economy is one in which exports and imports constitute a large share of GDP.
A : true
B : false

Correct Answer : B

22 : The U.S. economy rarely grows.
A : true
B : false

Correct Answer : B

23 : Economic growth in the United States has increased consistently since the 1950s.
A : true
B : false

Correct Answer : B

24 : Real GDP per capita in the United States grows over time.
A : true
B : false

Correct Answer : A

25 : In 2017, per capita real GDP was roughly half its value in 1960.
A : true
B : false

Correct Answer : B

26 : Since 1960, per capita real GDP in the United States has nearly tripled.
A : true
B : false

Correct Answer : B

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