In the U.S. economy, which of the following statements is TRUE? Production is di
ID: 1133941 • Letter: I
Question
In the U.S. economy, which of the following statements is TRUE?
Production is divided evenly between goods and services.
More services are produced than goods.
More goods are produced than services.
The economy is too complex to determine the proportion of production that is devoted to producing services.
The 2010 Patient Protection and Affordable Care Act (Obamacare) contains a provision that may require individuals to either purchase private health insurance or pay a tax. This is an example of
the invisible hand.
a mixed economy.
market capitalism.
centrally planned socialism.
The Great Recession in the U.S. (2007-2009) was not as severe as the 1980-1982 recessions.
True
False
Production is divided evenly between goods and services.
More services are produced than goods.
More goods are produced than services.
The economy is too complex to determine the proportion of production that is devoted to producing services.
Explanation / Answer
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Answer-
In the U.S. economy- The economy is too complex to determine the proportion of production that is devoted to producing services.
This is true because US being such a big economy we can demarcate the goods and service being produced in the country but to determine the proportion of section of the production that is devoted to producing services is impossible as the goods like oil will contribute to auto industry and also to e-commerce industry which is a service industry and hence the above statement is correct.
The 2010 Patient Protection and Affordable Care Act (Obamacare) contain a provision that may require individuals to either purchase private health insurance or pay a tax. This is an example of centrally planned socialism because under this act everyone is bound to have a insurance so as to reduce the cost to the society and hence if not made compulsory under the act then people might want to deter or not take health insurance. This act will increase the cost on the society. Thus such provision is pre-planned and imposed in the act itself by the central government to induce insurance.
The Great Recession in the U.S. (2007-2009) was not as severe as the 1980-1982 recessions. False. The recession of 2008 had 6 negative GDP growth in quick succession and had a constant GDP growth of 2% thereafter forcing the economy to its knees. Whereas the depression of 1980s was a stagflation period followed by two times negative GDP growth. But the economy recovered over a period of 2 years. However in case of 08 the situation was worsened by fall of finance and real-estate sectors of the economy, the two core pillars of the American economy.
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