U.S. Economy

Which statement best explains Hartford?

• Submarine construction is concentrated in northwestern Connecticut
• Southwestern Connecticut has little economic connection to New York City
• Tourism is Connecticut’s only major source of economic activity
• Hartford’s insurance specialization is an example of a regional economic cluster

What is economically accurate about Stamford?

• Stamford’s finance and corporate activity illustrate spillover from the New York metropolitan economy
• Connecticut’s economy depends almost entirely on farming
• Submarine construction is concentrated in northwestern Connecticut
• Tourism is Connecticut’s only major source of economic activity

Which description correctly characterizes Connecticut’s aerospace and defense sector?

• Submarine construction is concentrated in northwestern Connecticut
• Connecticut’s aerospace and defense industries combine large manufacturers with networks of specialized suppliers
• Tourism is Connecticut’s only major source of economic activity
• Southwestern Connecticut has little economic connection to New York City

What should students understand about southeastern Connecticut?

• Southwestern Connecticut has little economic connection to New York City
• Hartford is primarily known as an oil-production center
• Tourism is Connecticut’s only major source of economic activity
• Electric Boat links southeastern Connecticut manufacturing directly to U.S. naval procurement

Which economic claim about Connecticut’s advanced manufacturing is correct?

• Connecticut’s economy depends almost entirely on farming
• Submarine construction is concentrated in northwestern Connecticut
• Connecticut has no significant aerospace or defense manufacturing
• Advanced manufacturing represents continuity with Connecticut’s industrial past but uses newer technology and skills

What is the most accurate description of Connecticut’s healthcare and higher-education sectors?

• Connecticut’s economy depends almost entirely on farming
• Connecticut has no significant aerospace or defense manufacturing
• Southwestern Connecticut has little economic connection to New York City
• Connecticut’s healthcare and higher-education sectors are both employers and sources of research activity

Which statement best explains Connecticut’s tourism economy?

• Connecticut has no significant aerospace or defense manufacturing
• Submarine construction is concentrated in northwestern Connecticut
• Tourism is economically important in selected places even though it is not the state’s dominant industry
• Hartford is primarily known as an oil-production center

What is accurate about nominal GDP?

• A rise in nominal GDP always proves that real production rose by the same percentage
• Connecticut’s 2025 nominal GDP exceeded its 2024 nominal GDP
• Real GDP is measured only by counting government spending
• GDP figures never need a reference year

Which description best fits real GDP?

• Real GDP does not adjust for changes in prices
• Nominal GDP and real GDP are identical measures
• GDP figures never need a reference year
• Connecticut’s 2025 real GDP exceeded its 2024 real GDP

What should students understand about real GDP growth?

• Real GDP growth of about 2.4% indicates expansion after adjusting for inflation
• Nominal GDP and real GDP are identical measures
• Real GDP does not adjust for changes in prices
• Real GDP is measured only by counting government spending

Which claim about nominal and real GDP is correct?

• A rise in nominal GDP always proves that real production rose by the same percentage
• Real GDP does not adjust for changes in prices
• Nominal GDP and real GDP are identical measures
• Nominal GDP and real GDP should not be compared without recognizing their different price treatments