Connecticut Economy

Which claim about nominal 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
• A rise in nominal GDP does not by itself show how much real production increased
• Real GDP is measured only by counting government spending

Which description correctly characterizes Connecticut’s economy?

• Southwestern Connecticut has little economic connection to New York City
• Connecticut’s economy depends almost entirely on farming
• Connecticut’s economy shifted from traditional manufacturing toward a mixed service-and-advanced-manufacturing economy
• Submarine construction is concentrated in northwestern Connecticut

Which description correctly characterizes Hartford?

• Hartford is primarily known as an oil-production center
• Submarine construction is concentrated in northwestern Connecticut
• Insurance remains a defining sector in Hartford even though Connecticut’s economy is broader than insurance
• Connecticut’s economy depends almost entirely on farming

What should students understand about Connecticut’s defense sector?

• Connecticut’s defense sector links manufacturing with federal military demand
• Connecticut has no significant aerospace or defense manufacturing
• Connecticut’s economy depends almost entirely on farming
• Submarine construction is concentrated in northwestern Connecticut

Which economic claim about southeastern Connecticut is correct?

• Connecticut’s economy depends almost entirely on farming
• Hartford is primarily known as an oil-production center
• Submarine construction is concentrated in southeastern Connecticut
• Tourism is Connecticut’s only major source of economic activity

What is the most accurate description of Connecticut’s aerospace and defense supplier networks?

• Hartford is primarily known as an oil-production center
• Connecticut has no significant aerospace or defense manufacturing
• Advanced manufacturing relies on specialized supplier networks as well as large firms
• Tourism is Connecticut’s only major source of economic activity

Which statement best explains higher education in Connecticut?

• Tourism is Connecticut’s only major source of economic activity
• Connecticut has no significant aerospace or defense manufacturing
• Higher education contributes to Connecticut’s economy through research, employment, and innovation
• Submarine construction is concentrated in northwestern Connecticut

What is economically accurate about Connecticut’s healthcare and bioscience sector?

• Hartford is primarily known as an oil-production center
• Submarine construction is concentrated in northwestern Connecticut
• Southwestern Connecticut has little economic connection to New York City
• Healthcare and bioscience activity are linked to universities, hospitals, and laboratories

Which description best fits nominal GDP?

• Nominal GDP includes the effects of price changes
• Real GDP is measured only by counting government spending
• State GDP directly measures how income is distributed among households
• A rise in nominal GDP always proves that real production rose by the same percentage

What should students understand about real GDP?

• Nominal GDP and real GDP are identical measures
• A rise in nominal GDP always proves that real production rose by the same percentage
• Real GDP is measured only by counting government spending
• Real GDP adjusts economic output for inflation