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U.S. Economy

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Quizzes in U.S. Economy

U.S. Economy

Why should California GDP not be treated as state government revenue?

Government revenue includes all private sales.
GDP measures production, while government revenue measures public-sector receipts.
GDP and tax revenue are always identical.
GDP measures only state taxes.

Correct answer(s):

GDP measures production, while government revenue measures public-sector receipts.

U.S. Economy

Why is GDP different from household or personal income?

GDP measures production rather than the income received by a particular household or person.
GDP is simply average household salary.
Personal income measures total state production.
GDP measures only wages.

Correct answer(s):

GDP measures production rather than the income received by a particular household or person.

U.S. Economy

Why should a quarterly GDP figure reported at an annual rate not be called the final annual GDP?

It extrapolates one quarter’s pace rather than reporting a completed year.
It includes no economic activity.
It is always a ten-year average.
It measures only population.

Correct answer(s):

It extrapolates one quarter’s pace rather than reporting a completed year.

U.S. Economy

Which statement best explains California’s economic strength?

Agriculture is the only source of output.
Several large sectors contribute to the economy.
The state has no service industries.
Technology is the only meaningful industry.

Correct answer(s):

Several large sectors contribute to the economy.

U.S. Economy

What does regional specialization mean in California?

Regional geography has no economic effect.
Every county produces the same goods.
Different regions concentrate on different economic activities.
Only Sacramento is allowed to have businesses.

Correct answer(s):

Different regions concentrate on different economic activities.

U.S. Economy

Which activity is especially important in the Central Valley?

Agriculture and food-related production
Film production only
Federal diplomacy
Ocean shipping only

Correct answer(s):

Agriculture and food-related production

U.S. Economy

Which sectors are especially concentrated in the Bay Area?

Federal military bases only
Commercial whaling only
Technology, finance, research, and professional services
Cotton farming and coal mining

Correct answer(s):

Technology, finance, research, and professional services

U.S. Economy

Which mix best describes Southern California’s economy?

Only agriculture
Only finance
Entertainment, trade, defense, manufacturing, tourism, and services
Only timber production

Correct answer(s):

Entertainment, trade, defense, manufacturing, tourism, and services

U.S. Economy

Which combination helped Silicon Valley become a major technology center?

Only tourism and beaches
Research universities, skilled labor, investors, and technology firms
Only gold mines
Only state government

Correct answer(s):

Research universities, skilled labor, investors, and technology firms

U.S. Economy

Which industry helped give Silicon Valley its name?

Automobile assembly only
Semiconductor industry
Cotton textiles
Commercial fishing

Correct answer(s):

Semiconductor industry

U.S. Economy

Why is the Los Angeles-Long Beach port complex nationally important?

It is located on the Atlantic Ocean.
It handles no international cargo.
It is the nation’s main freshwater fishing port.
It is a major gateway for containerized trade.

Correct answer(s):

It is a major gateway for containerized trade.

U.S. Economy

What role does venture capital play in Silicon Valley?

It helps finance new and growing companies.
It operates state elections.
It replaces research universities.
It controls mountain snowfall.

Correct answer(s):

It helps finance new and growing companies.

U.S. Economy

Why is California’s economy considered diversified?

It has many large industries instead of depending on one sector.
The state has no service sector.
Only Hollywood creates economic activity.
One crop provides nearly all output.

Correct answer(s):

It has many large industries instead of depending on one sector.

U.S. Economy

Why do different parts of California specialize in different industries?

Every region has exactly the same conditions.
Industries are placed randomly.
State law assigns one industry to each county.
Geography, resources, cities, infrastructure, and labor differ by region.

Correct answer(s):

Geography, resources, cities, infrastructure, and labor differ by region.

U.S. Economy

How do major universities strengthen California’s economy?

They function only as tourist sites.
They eliminate private industry.
They support research, skilled labor, and innovation.
They prevent new technology.

Correct answer(s):

They support research, skilled labor, and innovation.

U.S. Economy

Why are ports important beyond ships and docks?

They replace all roads and railways.
They support trucking, rail, warehousing, and distribution.
They have no effect outside harbors.
They are used only for recreation.

Correct answer(s):

They support trucking, rail, warehousing, and distribution.

U.S. Economy

What two major factors help make the Central Valley highly productive?

Coal deposits and steel mills
Natural soil fertility and engineered water systems
Constant tropical rainfall and permafrost
Ocean tides and glaciers

Correct answer(s):

Natural soil fertility and engineered water systems

U.S. Economy

How does California’s long growing season help farmers?

It makes irrigation impossible.
It limits farming to one month.
It prevents crops from maturing.
It allows production of a wide variety of crops.

Correct answer(s):

It allows production of a wide variety of crops.

U.S. Economy

Why are California’s fertile valleys important to the state economy?

They prevent farming.
They contain no soils.
They support large-scale agricultural production.
They are used only for airports.

Correct answer(s):

They support large-scale agricultural production.

U.S. Economy

How do California’s Pacific ports affect the wider United States?

They connect U.S. markets with international trade routes.
They operate only on rivers.
They block imports from reaching the country.
They serve only local fishing boats.

Correct answer(s):

They connect U.S. markets with international trade routes.