Question

Which of the following are myths about the U.S. economy? Check all that apply. a. Chinese imports account for less than 20% of all imports into the United States. b. The United States is a relatively closed economy. c. Federal government jobs have grown rapidly over the past few decades. d. Business profits account for roughly one-third of the price Americans pay for typical goods and services.

Answer 1

Answer:

c. Federal government jobs have grown rapidly over the past few decades.

This is a myth. Federal government jobs fell during the first years of the 2010s, and remained stagnant during the second half of the 2010s.

d. Business profits account for roughly one-third of the price Americans pay for typical goods and services.

This statement is also a myth. Most of the price of goods and services that Americans pay is accounted for manufacturing costs, labor costs, and general overhead costs. Business profits are only a small fraction of the price on average.

Answer 2

The U.S. economy is one of the most developed economies in the world. Although these developments came at a cost and the U.S. economy have also faced ups and downs many times.

Myths about U.S. Economy

• A myth that has been believed by public as a truth is that the federal government jobs have increased in the last couple of decades but the reality is that federal government jobs declined in 2010 and remained stagnant their after without any growth.

• Another myth is that the one third portion is of business profits from the price paid by Americans for typical goods but this fact is a myth because the profits comprises of merely a small portion from these payments.

Therefore it can be concluded that there are many myths about U.S. economy which are believed to be true by the public and OPTION C and D are myths.

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