11. Explain the following statement: "Good decisions typically require marginal analysis, which weighs added costs against added benefits." 12. The U.S. economy is the largest in the world. What two factors primarily explain this? What makes the U.S. economy unique? 13. Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world? 14. What important changes have occurred in the composition of the labor force since 1960? Is the popular image of the American worker as a factory worker accurate? Describe the types of jobs Americans are working in today. 15. Between 1960 and 2018 U.S. GDP, measured in dollars of constant purchasing power, expanded about 5.0 times. However, the standard of living only increased by 4 times over this period. Explain the difference. 16. List five major economic activities of government and give an example of each. 17. Is the image of the typical American worker as a blue-collar worker true? Substantiate your answer with facts. 18. How does the United States compare to other nations on a per capita scale as far as government production and taxation? 19. It is often asserted that the United States no longer manufactures anything, and that instead it imports manufactured goods from countries like China. Critically evaluate both sides of this argument. 20. A nation's citizens often dislike the economy's distribution of income. Explain two methods for creating a more equal distribution of income.
11. Explain the following statement: "Good decisions typically require marginal analysis, which weighs added costs against added benefits."
12. The U.S. economy is the largest in the world. What two factors primarily explain this? What makes the U.S. economy unique?
13. Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?
14. What important changes have occurred in the composition of the labor force since 1960? Is the popular image of the American worker as a factory worker accurate? Describe the types of jobs Americans are working in today.
15. Between 1960 and 2018 U.S.
16. List five major economic activities of government and give an example of each.
17. Is the image of the typical American worker as a blue-collar worker true? Substantiate your answer with facts.
18. How does the United States compare to other nations on a per capita scale as far as government production and
19. It is often asserted that the United States no longer manufactures anything, and that instead it imports manufactured goods from countries like China. Critically evaluate both sides of this argument.
20. A nation's citizens often dislike the economy's distribution of income. Explain two methods for creating a more equal distribution of income.
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