Test Bank For Microeconomics Principles and Policy 12th Edition International Edition by Baumol William J.
Chapter 2—The Economy: Myth and Reality
TRUE/FALSE
1.The United States is the largest national economy in the world.
ANS: T PTS: 1 DIF: Easy NAT: Analytic
LOC:The Study of economics, and definitions in economics
TOP: The American Economy: A Thumbnail Sketch
2.The U.S. economy is unique for both its size and prosperity.
ANS: T PTS: 1 DIF: Easy NAT: Analytic
LOC: Measuring the Economy TOP: The American Economy: A Thumbnail Sketch
3.The factors of production include all goods and services produced in an economy.
ANS: F PTS: 1 DIF: Easy NAT: Analytic
LOC:The Study of economics, and definitions in economics
TOP: The American Economy: A Thumbnail Sketch
4.Outputs include goods but not services.
ANS: F PTS: 1 DIF: Easy NAT: Analytic
LOC:The Study of economics, and definitions in economics
TOP: The American Economy: A Thumbnail Sketch
5.Population density varies little between the fifty states.
ANS: F PTS: 1 DIF: Moderate NAT: Analytic
LOC:The Study of economics, and definitions in economics
TOP: The American Economy: A Thumbnail Sketch
6.Prosperity in the United States is evenly distributed across the fifty states.
ANS: F PTS: 1 DIF: Moderate NAT: Analytic
LOC: Measuring the Economy TOP: The American Economy: A Thumbnail Sketch
7.In the United States, all property is privately owned.
ANS: F PTS: 1 DIF: Moderate NAT: Analytic
LOC:The Study of economics, and definitions in economics
TOP: The American Economy: A Thumbnail Sketch
8.Gross domestic product is the money value of all final goods and services produced in an economy in a year.
ANS: T PTS: 1 DIF: Moderate NAT: Analytic
LOC:The Study of economics, and definitions in economics
TOP: The American Economy: A Thumbnail Sketch
9.Gross domestic product is the money value of manufacturing production in a year.
ANS: F PTS: 1 DIF: Moderate NAT: Analytic
LOC:The Study of economics, and definitions in economics
TOP: The American Economy: A Thumbnail Sketch
10.GDP is a measure of the total output of an economy.
ANS: T PTS: 1 DIF: Easy NAT: Analytic
LOC:The Study of economics, and definitions in economics
TOP: The American Economy: A Thumbnail Sketch
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