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U.S. Economy

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Quizzes in U.S. Economy for Graduate

U.S. Economy

What is a resilience concern in a highly concentrated freight network?

  • A major disruption can affect many linked supply routes
  • Changes in port shipping prices always produce identical employment effects
  • Having fewer terminals eliminates the possibility of simultaneous failure
  • Redundant routes necessarily produce higher network fragility
Correct answer(s):
  • A major disruption can affect many linked supply routes
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U.S. Economy

Why do state borders alone poorly describe New Jersey’s economic interactions?

  • Economic effects can be studied only within state borders when compiling GDP
  • Commuters from New York contribute only to New York consumer spending
  • Interstate supply chains are irrelevant when measuring regional integration
  • New York and Philadelphia regional markets cross state lines
Correct answer(s):
  • New York and Philadelphia regional markets cross state lines
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U.S. Economy

Why is New Jersey’s life-sciences cluster better understood as interconnected sectors?

  • The sector can be understood accurately by treating pharmaceutical factories as the whole cluster
  • Research and manufacturing activity cannot coexist in one regional cluster
  • It links research, education, health care, manufacturing, and services
  • Health care has no input or workforce relationships with biotechnology
Correct answer(s):
  • It links research, education, health care, manufacturing, and services
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U.S. Economy

What would be needed to establish that universities caused a specific increase in New Jersey technology jobs?

  • A simple correlation between the number of universities and technology employers
  • Evidence identifying causal effects beyond geographic co-location
  • An industry press release stating that local graduates are highly skilled
  • The geographic proximity of universities to firms in a single map
Correct answer(s):
  • Evidence identifying causal effects beyond geographic co-location
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U.S. Economy

How could an industry raise measured output while reducing its workforce?

  • Technology and process changes may increase output per worker
  • Output measures adjust automatically to keep employment and production moving together
  • Employment falling implies that machinery and software productivity must decline
  • Labor-saving technology is prohibited from raising output under GDP accounting
Correct answer(s):
  • Technology and process changes may increase output per worker
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U.S. Economy

What caution is appropriate when reading colonial New Jersey records?

  • Published government records are necessarily complete because they are official
  • Historical maps should be treated as neutral reflections of Indigenous perspectives
  • A single colonial account can represent every group’s experience without corroboration
  • Sources reflect authors’ purposes and perspectives
Correct answer(s):
  • Sources reflect authors' purposes and perspectives
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U.S. Economy

Why might employment sector totals and industry GDP tables disagree in coverage?

  • Employment counts and GDP tables always identify workers and output within the same commuting region
  • Industry GDP is measured as the total number of employees in each establishment
  • Firm-level employment changes are always captured in GDP without revisions
  • They may use different industrial classifications and definitions
Correct answer(s):
  • They may use different industrial classifications and definitions
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U.S. Economy

Why is higher industry GDP per worker not always evidence of greater individual effort?

  • Higher measured output proves longer average working hours in the industry
  • Industry revenue includes only the value of workers’ direct labor
  • Capital intensity and accounting methods also influence measured output
  • Output per worker removes all effects of machines and intellectual property
Correct answer(s):
  • Capital intensity and accounting methods also influence measured output
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U.S. Economy

Why should a port’s reported total economic impact not be treated as direct GDP contribution?

  • Impact models measure only gross cargo tonnage and never money values
  • Impact studies may combine direct, indirect, and induced effects
  • Gross employment and tax effects are exactly the same as direct value added
  • Regional spillover and induced spending are automatically excluded from impact totals
Correct answer(s):
  • Impact studies may combine direct, indirect, and induced effects
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U.S. Economy

How does a real GDP growth rate differ from a real GDP level?

  • Growth is a percentage change; level is an output measure
  • Growth is the nominal-dollar difference between two years; level is a percentage
  • Growth is the difference in employment; level is income per person
  • Real GDP growth tracks prices alone while the level tracks physical output
Correct answer(s):
  • Growth is a percentage change; level is an output measure
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U.S. Economy

Why might revised GDP figures for 2023 differ from figures published earlier?

  • The BEA replaces every historical estimate with a simple inflation factor
  • Yearly values are automatically adjusted to the newest population count only
  • Previous GDP totals must remain fixed under federal statistical rules
  • BEA incorporates new data and methodological updates
Correct answer(s):
  • BEA incorporates new data and methodological updates
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U.S. Economy

Why can state GDP and metro-area GDP give different totals for New Jersey activity?

  • Metro GDP includes only New Jersey companies with headquarters in Newark
  • State GDP and metro GDP always have identical boundaries in the Northeast
  • Their geographic boundaries are not identical
  • State GDP excludes the output of firms operating in a metropolitan county
Correct answer(s):
  • Their geographic boundaries are not identical
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U.S. Economy

What could change a GDP-per-capita estimate even if total GDP stays constant?

  • Switching the method of classifying manufacturing industries while population is unchanged
  • Using a different population estimate vintage or reference year
  • Using a different GDP price deflator when the numerator is held fixed
  • Updating an industry employment series without altering GDP or population
Correct answer(s):
  • Using a different population estimate vintage or reference year
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U.S. Economy

Why is it a mistake to equate statewide GDP per capita with an individual’s earnings?

  • A state average cannot establish an individual’s income
  • State GDP per capita is equal to average employee wages by definition
  • The measure excludes all production by corporations and government
  • Differences in commuting patterns automatically equalize every resident’s income
Correct answer(s):
  • A state average cannot establish an individual's income
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U.S. Economy

What information is missing from a median household-income statistic alone?

  • Whether the midpoint refers to an equally weighted set of households
  • Whether nominal income was converted to a common year’s dollars
  • Whether survey respondents were drawn from all eligible neighborhoods
  • How income is distributed above and below the median
Correct answer(s):
  • How income is distributed above and below the median
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U.S. Economy

What issue must analysts consider when using American Community Survey estimates?

  • A guaranteed complete enumeration for every city and neighborhood
  • Changes in coastline measurement used for standardizing ACS weights
  • Sampling uncertainty
  • Survey observations that are independent of all household response patterns
Correct answer(s):
  • Sampling uncertainty
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U.S. Economy

Why should a one-year ACS estimate not be casually compared with a five-year estimate?

  • One-year and five-year estimates represent different economic concepts and can never be compared
  • The coverage periods and statistical methods differ
  • Five-year estimates contain only one fifth as many survey responses as one-year estimates
  • Their geographical boundaries must be different in every release
Correct answer(s):
  • The coverage periods and statistical methods differ
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U.S. Economy

Why may the Census estimate base for April 2020 differ slightly from the original 2020 enumeration?

  • The estimates program makes technical adjustments
  • The annual estimates program uses an entirely unrelated state boundary
  • The census excludes residents employed outside their home county
  • Later estimates are computed without reference to the census baseline
Correct answer(s):
  • The estimates program makes technical adjustments
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U.S. Economy

Why does BEA use a value-added approach to estimate state GDP?

  • To measure sales revenue at each stage and then sum all transactions
  • To exclude depreciation from all manufacturing output
  • To replace income-based accounts with household expenditure surveys
  • To avoid counting intermediate business sales repeatedly as final output
Correct answer(s):
  • To avoid counting intermediate business sales repeatedly as final output
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U.S. Economy

Which denominator is standard for comparing state population density?

  • Total land and water area measured under a consistent survey year
  • The state’s total surface area including tidal waters
  • Urbanized land area only, excluding all rural counties
  • Land area
Correct answer(s):
  • Land area
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