Select the right answer for each question.

-The Department of compiles the statistics on the nation’s output and income. Commerce Internal Revenue Health and Human Services Defense -One weakness of a sole proprietorship is that the owner has no control owner has too many partners owner faces unlimited liability business will eventually go bankrupt -One advantage of a corporation is unlimited liability for its owners a lifespan that is not linked to a specific owner the ease of obtaining a charter it cannot enter into any legal contracts -The main advantage that partnerships have over sole proprietorships is the ability to specialize unlimited liability the ease of obtaining a charter they are more likely to succeed -Which of the following is an economic right of all businesses in the United States? voluntary exchange involuntary exchange government ownership of property the ability to function as a monopoly -Which of the following is an economic responsibility of all businesses in the United States? Conduct all business in an honest and ethical manner. Draft a code of ethics and make all employees sign it. Close on all government regulated holidays. Spread negative information about the competition. -More money becomes available for economic growth when people save pension funds increase interest rates are high there is high unemployment -Saving makes economic growth possible because it means people have extra money and are spending less of it buyers and sellers are working together to make saving possible financial institutions lend the savings of others to those who will invest them saving is more important than investing -In order for people to use the savings of others, the economy must have a(n) system—a network of savers, investors, and financial institutions. saving investment transfer financial -The United States GDP, which is the market value of all final goods and services produced in the nation in a year, is calculated by adding the expenditures of the four sectors of the economy multiplying production by consumption subtracting total imports from exports It is impossible to compute the GDP because it is impossible to measure all production data. -GDP is not a proper measure of the total production of the United States economy because it only includes final goods it does not account for household labor or volunteer labor it does not take illegal or black market production into consideration all of the above -What is the difference between real and nominal GDP? Real GDP is exact, while nominal GDP is estimated. Real GDP is adjusted for inflation, while nominal GDP is not. Real GDP is estimated, while nominal GDP is exact. There is no difference. Use the following information to determine the inflation rates. -A consumer price index is used to measure the average change in price over time and to determine the inflation rate. CPI Year 1= 95 CPI Year 2= 108 CPI Year 3= 119 CPI Year 4= 140 -What is the inflation rate from year 2 to year 3 rounded to the nearest percent? 9% 4% 6% 10% -What is the inflation rate from year 3 to year 4 rounded to the nearest percent? 5% 11% 18% 25% -Monopolies are typically created because the industry has high barriers to entry that prevent many businesses from entering the industry increasing competition discourages new businesses from entering the industry there is a lack of business interest in an industry the government promotes the establishment of monopolies -Monopolies face disadvantages that focus around production prices inefficiency cost -An oligopoly is an industry dominated by a small number of firms is established when perfect competition exists only occurs when buyers and sellers are fully informed requires a partnership -One distinct difference between monopolistic competition and perfect competition is product differentiation insignificant monopolistic competition is a monopoly buyers and sellers must be fully informed -The shoe industry in the current American economy, where many different types and brands are offered, is an example of a monopoly an oligopoly perfect competition monopolistic competition -The airline industry in America is an example of , because a few firms dominate the industry. a monopoly an oligopoly perfect competition monopolistic competition -What is the main difference between inflation and deflation? Inflation is an overall increase in price, and deflation is an overall decrease in price. Inflation is an overall decrease in price, and deflation is an overall increase in price. A high inflation rate means the economy is doing well, while a high deflation rate means the economy is doing poorly. A high inflation rate means the economy is doing poorly, while a high deflation rate means the economy is doing well. -In the business cycle, a trough is a major downturn in economic growth measured when economic growth changes and begins to increase measured when economic growth is decreasing the peak of economic growth -In the business cycle, a recession is a major increase in economic growth is measured when economic growth changes and begins to increase exists when there is an overall downturn of the economy is the peak of economic growth Analyze the following situations and determine if economic growth is likely to occur. -The economy is experiencing a decreasing unemployment rate and an increasing GDP. yes no -The economy is experiencing an increasing unemployment rate and a high inflation rate. yes no -The economy is experiencing an increase in overall GDP. yes no -The economy is experiencing a recession. yes no -The economy is experiencing expansion. yes no -I successfully completed the research assigned in the activity “Exploring the U.S. Economy” by reviewing the assigned data from the Bureau of Labor and Statistics. true false -I discussed my findings about the U.S. economy with an adult or a friend. true false

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