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Which of the following is not a question an economic system tries to address?
WHY is output produced
the term economic growth means
an increase in output an expansion of production possibilities
Productivity is defined as:
output per unit of input
In the years since 1940, U.S. investment in human capital has
risen sharply.
what was the approximate value of per capita gdp for the people of china in year 2021?
$12,500
approximately how much output did this second largest economy produce in year 2021
$18 trillion
If GDP is $50 billion and the population is 20 million, then the GDP per capita is ______. Multiple choice question.
$2,500 Reason: $50 billion / 20 million = $2,500
GDP per capita means:
GDP per person
Income inequality tends to be highest in which one of the following countries?
South Africa
the term monopoly means
a firm that produce the entire market supply of a particular good or service
which nation orlds second largest economy in year 2021
china
The transformation of the United States into a service economy is a reflection of its
high incomes.
the term productivity means:
output per unit of inputs - for example output per labor-hour
the people of which nation had the highest per capita GDP in year 2021?
united states
If a family of four in the United States in 2020 was earning a maximum of approximately _____, they would be considered living in poverty.
$26,000
The poverty threshold for a family of four in the U.S. in 2020 was about ______.
$26,000
the us poverty threshold was approximately _____ for a four-person household in year 2021
$27,400
The total GDP produced in 2013 by the world's three largest economies equaled (See World View, "Comparative Output") _____.
$30.9 trillion
approximately how much output did this third-largest economy produce in year 2021?
$5 trillion
If GDP is $15 trillion and the population is 300 million, then the GDP per capita is ______.
$50,000 Reason: $15 trillion / 300 million = $50,000
In 2019, the average U.S. citizen could have consumed approximately _____ worth of goods and services.
$64,000
Per capita GDP in the United States in 2019 was approximately ______.
$64,000
what was the approximate value of per capita GSP
$70,000
America has accumulated a massive capital stock more than ____ worth of machinery factories and buildings
$80 trillion
output in the united states today consists of approximately ______ agriculture
1%
In 2019, the poverty rate in the United States was about ______.
11 percent
_____ of the us population lived below the official poverty line during the year 2021
11.6%
the United States has only ____ of the world's arable land
12%
approximately how many households existed in America during year 2021
13.2 million
Approximately ______ of Americans ( aged 25 year and up ) had earned an advanced college degree by year 2021
14%
output in the united states today consists of approximately ______ manufacturing mining and construction
19%
The idea of the poverty threshold was developed in the _______.
1960s
If GDP growth is 4% and population growth is 2%, per capita GDP growth is %. (Insert a whole number.)
2
American households classified in the lowest fifth of the income distribution earned approximately ____ of total income during year 2021
2.0%
the United States has less than ____ of the world's population.
20%
the United States produces approximately ____ of the world's output.
20%
which nation had the world's largest economy in year 2021?
23 trillion
how many households were classified per inome quintile in year 2021
26.2 million
US output has grown by approximately ______ per year
3%
According to the 2019 data on distribution of income, the poorest 20 percent of U.S. households earned
3.1
In 2019, the number of Americans counted as "poor" was approximately _____ million.
34
Approximately ______ of Americans ( aged 25 year and up ) had earned a four-year college degree by year 2021
38%
According to the data provided in the table, the poorest 80 percent of US households earned
48.0, 48, or 48%
In the given figure (see World View, "GDP Per Capita Around the World"), the per capita GDP in the United States in 2013 was approximately _____ times higher than the average for the rest of the world.
5
According to the data provided in the table, the richest 20 percent of US households earned
52
American households classified on the highest fifth of the income distribution earned approximately _____ of total income during year 2021
52.7%
output in the united states today consists of approximately _____ services
80%
Approximately ________ of Americans ( aged 25 year and up ) had earned a high school diploma or GED by year 2021
91%
Which of the following are examples of factor mobility?
A worker who sold desktop computers is now a representative for a tablet supplier. A textile factory gets converted into a craft brewery.
Every nation ultimately depends on its resources to produce goods and services. Thus, differences in GDP must be explained in part by
All of the above
U.S. poverty statistics, including the poverty rate, are collected by the
Census Bureau.
Which of the following are specific development goals set by the United Nations?
End world poverty Reduce inequalities across income groups, gender, and race Protect the environment and slow climate change Eliminate world hunger
The idea that the U.S. economy uses the market mechanism to distribute most goods and services and those who receive the most income get the most goods is best represented by the question:
FOR WHOM output is produced?
High productivity in the United States and other high-income countries results from high levels of human capital combined with labor-intensive production processes.
False
True or false: American poverty is more about absolute deprivation.
False
Real GDP divided by the size of the population is called:
GDP per capita
Based on World Bank data for 2018 (see World View, "Comparative Output"), the country with the largest economy from those given below is ______.
Japan
the term income quintile mean s
One-fifth of the population rank ordered by income
Which of the following are included in the role of government?
Providing a legal framework Protecting the environment
Which of the following statements best summarizes the growth in GDP in the U.S. between 1900 and 2010?
Real GDP rose more than tenfold.
the term gross domestic product means:
The total market value of all final goods and services produced within a nation's borders in a given time period.
True or false: Economists classify the factors of production into land, labor, capital and entrepreneurial ability.
True
True or false: The poverty threshold is adjusted for inflation.
True
rue or false: The idea that the U.S. economy uses the market mechanism to distribute most goods and services and those who receive the most income get the most goods is best represented by the question 'FOR WHOM the output is produced.'
True
the Three Core Choices that every nation confronts are:
WHAT to produce; HOW to produce; FOR WHOM to produce
the term household means
a group of individuals who share the same physical dwelling
the term capital intensive
a production process that uses a high ratio of capital to labor inputs
In the computer market, a new battery is designed that needs to be charged only once per week. The result is _____ in the production possibility curve.
an outward shift
In-kind transfers are meant to _____ cash incomes.
augment
The inclusion of in-kind transfers as part of total income would likely ______.
bring the U.S. poverty count down into the 8-10 percent range
If a farmer uses tractors, combines, automated irrigation systems, and computers to manage the farm, this farmer is producing in a ________ manner.
capital-intensive
High productivity in the United States and other high-income countries results from which two of the following?
capital-intensive production processes highly skilled labor force
externalities means
costs or benefits of a market activity borne by a third party
An increase in output or an expansion of production possibilities is called:
economic growth
Because business contracts may harm third parties, the government uses regulations to protect the _______.
environment
The movement of resources between old and new industries is an example of:
factor mobility
True or false: The three main decisions that must be addressed by an economic system include what goods are to be produced, who will produce them, and where they will be produced.
false
According to the given graph (see World View, "GDP Per Capita Around The World"), per capita GDP in the United States was approximately _____________ times higher than the average for the rest of the world. (Insert a whole number.)
five, 5, 5, or six
One-third of the poverty threshold for a family of four of $26,200 (in 2020) paid for the family's ______.
food
The total market value of all final goods and services produced within a nation's borders in a given time period is
gross domestic product
The total market value of all final goods and services produced within a nation's borders in a given time period is:
gross domestic product
The per capita income in the United States is increasing because the rate of economic growth is _____ the rate of population growth. Multiple choice question.
higher than
The per capita income in the United States is increasing because the rate of economic growth is _____ the rate of population growthv
higher than
the high productivity of the us economy results from using _____ workers in ____ production processes
highly educated capital intensive
The knowledge and skills possessed by the workforce is called ______ ______
human capital
The knowledge and skills possessed by the workforce is called ______.
human capital
Medicare is an example of a(n):
in-kind transfer
Providing a legal framework encourages:
investment market transactions economic growth
which nation had the world's third largest economy in year 2021
japan
The factors of production include _____. Multiple select question.
labor land (natural resources) capital entrepreneurship
Production in high income countries is _____ labor-intensive compared to lower income countries. Multiple choice question.
less
The mix of output in poor countries is weighted toward goods rather than services as a consequence of their
low incomes.
Income inequality tends to be highest in ______.
low-income countries
Production in high income countries are _____ capital-intensive compared to lower income countries.
more
advancements in technology means that an economy can produce _____ with existing resources
more
In the world's poorest countries, the level of human capital is _____ the level in the developed countries. Multiple choice question.
much lower than
The dollar value of GDP divided by the total population is called:
per capita GDP
If a country has negative GDP growth but positive population growth, we can conclude:
per capita GDP is decreasing
the heritage foundation has documented ____ between economic freedom and economic growth
positive relationship
When the government regulates the safety of many products, like medicine or food products, this is an example of government
protecting consumers
When the government regulates the safety of many products, like medicine or food products, this is an example of government:
protecting consumers
When externalities exist, the government can enact laws to limit these external costs of production. This is best described as an example of the government:
protecting the environment
The sustainable development goals (aka the Millennium Development goals) established by the United Nations are meant to ______.
reduce global poverty
The sustainable development goals (aka the Millennium Development goals) established by the United Nations are meant to ______. Multiple choice question.
reduce global poverty
American poverty is more about _____ deprivation.
relative
the term factors of production means
resource inputs used to produce goods and services
By global standards, the United Sates is a ______.
rich nation
According to World Bank, if a person is earning less than $3.10 per day but more than $1.90, then they are considered to be in _____ poverty.
severe
According to World Bank data (see World View, "Comparative Output"), the country possessing the largest economy in the world as of 2019 is ______.
the United States
the term production possibilities means
the alternative combination of final goods and services that could be produced in a given period with all available resources and technology
the term per capita GDP means:
the dollar value of gdp divided by total population
Which of the following are examples of the role of government in protecting consumers?
the implementation of antitrust laws the regulation of advertising claims the testing of new medicines
the term human capital means
the knowledge and skills possessed by the workforce
the term labor intensive means
the knowledge and skills possessed by workers
income inequalities are often greatest in _____ countries
the poorest
Gross domestic product can be described as ______.
the total market value of all final goods and services produced within a nation's borders in a given time period
political conservatives argue that US poverty thresholds are
too high and they ignore in-kind transfers and material possessions whic allow a higher standard of living than ash income imply
political liberals argue that US poverty thresholds are
too low and they fail to account for a large number of households that are " near poor " earning just a few thousand dollars above the official threshold
which nation had the world's largest economy in year 2021?
which nation had the world's largest economy in year 2021?