The United States Economy: Checkpoint 1

Quick checkpoint - five questions on the U.S. economy's size, consumers, tech giants, shale and health care.

Quick checkpoint - five questions on the U.S. economy’s size, consumers, tech giants, shale and health care.

Question 1 of 5 Roughly what share of world output does the U.S. produce?

About 5 percent About a quarter About half About 90 percent

The U.S. produces around a quarter of world output with about 4 percent of its population.

Question 2 of 5 About what share of the U.S. economy is consumer spending?

About 10 percent About a third About two-thirds All of it

Household spending is the largest component of U.S. GDP.

Question 3 of 5 What did a U.S. federal judge rule about Google in 2024?

That it must close That it had illegally maintained a monopoly in online search That it had no market power That it must merge with Apple

The case focused partly on payments to be the default search engine.

Question 4 of 5 Which techniques made the shale revolution possible?

Deep-sea drilling and pipelines Horizontal drilling and hydraulic fracturing Coal mining and gasification Solar and wind power

These unlocked oil and gas trapped in shale rock.

Question 5 of 5 What mainly explains why U.S. health care costs so much?

Americans use far more health care Higher prices for the same services, drugs and procedures More doctors per person Longer hospital stays

As economists put it, it's the prices.

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