Question

In 1910, the U.S. workforce was almost evenly distributed among agricultural, manufacturing, and service industry workers. By 2010, the U.S. economy was

Group of answer choices

dominated by the agricultural industry.

dominated by the service industry.

Consider the following data to answer the next five questions.

Country	Real GDP	Population
A	$150,000	200
B	$120,000	150
C	$120,000	200
D	$100,000	100
E	$75,000	100

Which country has the lowest average living standard?

Group of answer choices

A

D

B

E

C

dominated by the manufacturing industry.

still evenly distributed amongst agricultural, manufacturing, and service workers.

completely taken over by the new e-commerce industry.

Which of the following is a topic of microeconomics?

Group of answer choices

the level of national income

the level of employment in the country

the prices of all goods in the country

the profit of firms in the banking industry

the level of national output

The definition of “long-term unemployment” is unemployment that lasts ________ weeks or more.

Group of answer choices

12

27

14

36

24

A shortcoming of using real gross domestic product (GDP) as a measure of economic well-being is that it does not measure changes in

Group of answer choices

production.

unemployment.

environmental quality.

interest rates.

prices.

The definition of “long-term unemployment” is unemployment that lasts ________ weeks or more.

Group of answer choices

12

27

14

36

24

Answer 1

(1) In 1910, the U.S. workforce was almost evenly distributed among agricultural, manufacturing, and service industry workers. By 2010, the U.S. economy was dominate by service sector.

Answer: Option (B)

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(2)

Country	Real GDP	Population	Per capita real GDP
A	150,000	200	750
B	120,000	150	800
C	120,000	200	600
D	100,000	100	1000
E	75,000	100	750

Per capita real GDP = (Real GDP / Population)

Per capita real GDP is a measure of average standard of living.

Hence, country C has the lowest average standard of living.

Answer: Option (E)

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(3) Microeconomics studies the individual firm ,business, consumer decisions.

Macroeconomics studies the behavior of an economy as a whole.

The profit of firm in a banking industry is an example of microeconomic

Answer: Option (D)

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(4) The definition of “long-term unemployment” is unemployment that lasts 27 weeks or more.

Answer: Option (B)

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(5) A shortcoming of using real gross domestic product (GDP) as a measure of economic well-being is that it does not measure changes in environmental quality

Answer: Option (C)

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(6)  The definition of “long-term unemployment” is unemployment that lasts 27 weeks or more.

Answer: Option (B)

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