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EC 112 Chapter 7 MC
Terms in this set (20)
How large is the U.S. economy?
a. The largest in the world.
b. The second largest in the world, after China.
c. The third largest in the world, after China and India.
d. The fourth largest in the world, after China, India and Japan.
e. The fifth largest in the world, after China, India, Japan, and Germany.
Which of the following would be a primary sector activity?
c. The selling of houses
d. A household growing food in their garden
e. A household whose members clean their house
Which of the following would not be an activity in the primary sector?
b. Commercial fishing
d. The timber industry
e. The food processing industry
Maria is a farmworker. Jose is a medical doctor. Robin is a construction worker.
Which of them works in the secondary sector?
d. All of them do.
e. None of them do.
Which of the following would not be an activity of the secondary sector?
a. Automobile manufacturing
d. Food processing
e. Transportation of goods to market
Sami works on an oil rig. Luis works at an oil refinery. Indira works as a gas station
attendant. Which of them works in the tertiary sector?
d. All of them do
e. None of them do
Which of the following would not be an activity of the tertiary sector?
a. Cooking home-cooked meals
b. Home construction and renovation
d. Services provided by the Red Cross
e. Firefighting services
Which of the following best characterizes the historical trends of the secondary sector
and its share of the U.S. private economy?
a. The share of the secondary sector continued to grow steadily throughout the 20th
b. The share of the secondary sector started to decline in the early 1980s with the
growth of globalization.
c. The share of the secondary sector started to decline in the late 1960s.
d. The share of the secondary sector started to decline in the Great Depression of the
e. None of the above
Which of the following best captures how "value added" is distributed among
a. 3% in the primary sector, 68% in the secondary sector.
b. 68% in the secondary sector, 17% in the tertiary sector.
c. 68% in the primary sector, 17% in the tertiary sector.
d. 3% in the primary sector, 68% in the tertiary sector.
e. 68% in the primary sector, 17% in the secondary sector.
Which of the following is not one of the trends in agriculture in the U.S.?
a. The total farm population has declined.
b. The total number of farms has decreased.
c. The average farm size has decreased.
d. Output per acre has increased.
e. Output per worker has increased.
Which of the following is not one of the characteristics of agriculture in the U.S.?
a. Farms occupy about 42% of the land area in the U.S.
b. There are about 2 million farms in the U.S.
c. Over 90% of the farms are small family farms.
d. Large corporate farms account for about 66% of the value of agricultural output.
e. Almost all farm receipts come from selling crops.
Which of the following about energy in the U.S. is false?
a. As of 2017, the U.S. is the world's second largest consumer of energy.
b. As of 2017, the U.S. is the world's second largest producer of energy.
c. The U.S. has one of the highest per capita energy usage rates in the world.
d. The U.S. has one of the highest energy efficiency rates (energy used per dollar of
GDP) in the world.
e. The U.S. is heavily dependent on carbon-based fossil fuels for its energy use
Which of the following accurately describes energy consumption in the
a. In percentage terms, natural gas is the biggest category of consumption.
b. In percentage terms, coal is the biggest category of consumption.
c. In percentage terms, nuclear power is the biggest category of consumption.
d. Over 80% of energy consumed in the U.S. comes from fossil fuels.
e. None of these are accurate.
"Fracking" is ...
a. a non-toxic technique used to boost oil and gas production using water.
b. a relatively new technology that has the potential to dramatically boost biomass
c. a cutting-edge technology under development in places like France to reduce
their dependence on foreign oil.
d. only useful for extracting oil and gas deposits relatively close to the surface.
e. none of the above.
Which of the following regarding trends in manufacturing is true?
a. The value of manufacturing output has remained fairly constant since 1960.
b. The U.S. demand for manufacturing goods increased by 257% between 1980 and
2016, after adjusting for inflation.
c. Manufacturing productivity increased by around 4.7% between 2000 and 2007,
and has fallen to an average of about 1.6% since then.
d. All of the above
e. B and C only
Which of the following explanations for the decline in employment in U.S.
manufacturing is true?
a. Americans are demanding fewer manufactured goods.
b. Americans are demanding more manufactured goods produced abroad.
c. Advances in productivity have enabled more output to be produced by fewer workers.
d. All of the above
e. B and C only
What factor helped boost employment in U.S. automobile manufacturing, after the
employment decline in the 1970s?
a. Foreign producers have a cost disadvantage of shipping their products to the U.S.
b. The greater productivity of skilled workers enabled U.S. workers to compete
against lower skilled low wage workers abroad.
c. Foreign companies increasingly located production facilities in the U.S.
d. Falling gas prices after the 1970s oil price shocks shifted demand back to larger
U.S. made vehicles.
e. All of the above.
Which of the following about the service sector is false?
a. The average pay of service sector jobs is less than the average pay of
b. Trade in services is expanding rapidly, and increased more rapidly than trade in
goods between 1995 and 2014.
c. Service sector jobs are more homogenous than jobs in manufacturing.
d. The U.S. currently exports more services than it imports.
e. None of the above.
Which of the following services is a U.S. export?
a. A U.S. citizen uses the financial services of a bank in Switzerland.
b. A German tourist comes to Disneyland for summer entertainment.
c. An American student studies abroad at a British university.
d. An American obtains medical attention in Mexico for a lower price than
attainable in the U.S.
e. None of the above.
Which of the following is not a financial asset as identified in the chapter?
c. Foreign currencies
d. Certificates of deposit
e. All of these are identified as financial assets in the chapter.
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