Which of the following statements is a fact about the U.S. economy?

• A. The U.S. government sets all prices in the market.
• B. The United States has one of the largest GDPs in the world.
• C. The U.S. economy is entirely based on agriculture.
• D. The U.S. does not participate in international trade.

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the difference between a fact and a misconception. A fact is a statement that can be verified with data or evidence, while misconceptions are incorrect or exaggerated claims.
2. Step 2: Analyze each statement individually to determine if it is factually correct about the U.S. economy.
3. Step 3: The statement 'The U.S. government sets all prices in the market' is false because the U.S. economy operates largely on market principles where prices are determined by supply and demand, not government control.
4. Step 4: The statement 'The U.S. economy is entirely based on agriculture' is false because the U.S. economy is diverse, including manufacturing, services, technology, and agriculture.
5. Step 5: The statement 'The U.S. does not participate in international trade' is false because the U.S. is one of the largest participants in global trade, importing and exporting a wide range of goods and services.