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Economics > Exam Seven > Flashcards

Exam Seven Flashcards

1
Q

A secondary sector industry in the United States that is particularly sensitive to the business cycle is…

A

construction and housing

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2
Q

About what percentage of employment in the United States is attributed to the tertiary sector?

A

83%

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3
Q

About what percentage of United States workers are employed in manufacturing industries?

A

10%

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4
Q

About what percentage of value added in the United States economy is attributed to governments?

A

13%

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5
Q

About what percentage of value added in the United States economy is attributed to the primary sector?

A

3%

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6
Q

About what percentage of value added in the United States economy is attributed to the secondary sector?

A

17%

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7
Q

About what percentage of value added in the United States economy is attributed to the tertiary sector?

A

64%

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8
Q

For about how long has the tertiary sector been the largest sector in the United States economy?

A

The tertiary sector has always been the largest sector of the United States economy.

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9
Q

Health care expenditures are about what percentage of GDP in the United States?

A

17%

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10
Q

What is the largest source of energy in the United States?

A

Petroleum

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11
Q

Which country is the world’s largest manufacturer of goods?

A

The United States

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12
Q

Which country is the world’s largest producer of energy?

A

The United States

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13
Q

Which one of the following businesses would be classified in the primary sector?

A

A mining company

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14
Q

Which one of the following businesses would be classified in the secondary sector?

A

An automobile manufacturer

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15
Q

Which one of the following industries is NOT part of the primary sector?

A

Electric utilities

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16
Q

Which one of the following statements is FALSE?

A

About 40% of individuals in the United States have no health insurance.

17
Q

Which one of the following statements is FALSE about the relative share of each sector to the total value added in the United States economy?

A

The relative share of the secondary sector has steadily declined throughout the 20th century.

18
Q

Which one of the following statements is FALSE?

A

Most of the activity of governments is classified in the primary sector.

19
Q

Which one of the following statements is FALSE?

A

The total number of farms in the United States stayed relatively constant during the 20th century.

20
Q

Which of the following statements is TRUE?

A

The tertiary sector employs the majority of all workers in the United States.

Economics (12 decks)

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