Question 1

Regarding poverty in U.S.society, it is correct to say that:

Accepted Answer

A) ​Poverty affects a relatively small number of Americans. 
B) ​Poverty results from a failure to work hard. 
C) ​Most of the poor live in inner cities. 
D) None of these statements is true. 
A) ​Poverty affects a relatively small number of Americans. 
B) ​Poverty results from a failure to work hard. 
C) ​Most of the poor live in inner cities. 
D) None of these statements is true. D

Question 2

Regarding U.S.health care costs, it is correct to say that:

Accepted Answer

A) ​Americans pay more for health care than people in other developed countries. 
B) ​U.S.health care costs are growing faster than the growth in other countries. 
C) ​The level of health care costs are the source of fiscal pain that societies around the globe are experiencing. 
D) ​All of these statements are true. 
A) ​Americans pay more for health care than people in other developed countries. 
B) ​U.S.health care costs are growing faster than the growth in other countries. 
C) ​The level of health care costs are the source of fiscal pain that societies around the globe are experiencing. 
D) ​All of these statements are true. A

Question 3

Previously a creditor nation, in the 1980s the U.S.became a debtor nation.

Accepted Answer

A) True 
 B)False  True

Question 4

A country like the U.S., which is operating at the technological frontier, can improve its technology only by:

Accepted Answer

A) ​repurposing 
B) ​redeveloping 
C) ​innovating 
D) ​purchasing 
A) ​repurposing 
B) ​redeveloping 
C) ​innovating 
D) ​purchasing

Question 5

The cost of a hospital stay has been going down slowly.

Accepted Answer

A) True 
 B)False

Question 6

For the average American, innovation has led to:

Accepted Answer

A) ​an average income that is below many countries because of monies spent on R&D 
B) ​an average income that is not paralleled anywhere in the world 
C) ​an average income that exceeds that of all but the richest countries 
D) ​None of the above is correct. 
A) ​an average income that is below many countries because of monies spent on R&D 
B) ​an average income that is not paralleled anywhere in the world 
C) ​an average income that exceeds that of all but the richest countries 
D) ​None of the above is correct.

Question 7

The U.S.remains the world's economic leader in all respects.

Accepted Answer

A) True 
 B)False

Question 8

According to economist Schumpeter, the first step in entrepreneurial growth is:

Accepted Answer

A) ​little competition 
B) ​monopoly power 
C) ​zero economic profits 
D) ​creative destruction 
A) ​little competition 
B) ​monopoly power 
C) ​zero economic profits 
D) ​creative destruction

Question 9

The growth rates of capital, workforce skills and technology are higher in rich countries.

Accepted Answer

A) True 
 B)False

Question 10

One of the most controversial public policy issues in recent decades is the size and growth of the U.S.budget deficit and public debt.Discuss where we are, compared to other countries, and how we got here.

Accepted Answer

​Over the past few decades, the amount o

Question 11

About _____% of Americans between the ages of 25 and 60 will experience at least one year below the official poverty line.

Accepted Answer

A) ​3% 
B) ​10% 
C) ​27% 
D) ​40% 
A) ​3% 
B) ​10% 
C) ​27% 
D) ​40%

Question 12

According to Professor Robert Gordon of Northwestern University, what are the four "headwinds" facing the U.S.economy, and how do they interact with innovation?

Accepted Answer

​According to Professor Gordon, the U.S.

Question 13

In terms of innovation and growth, the U.S.economic system has far exceeded the achievements of any other type of economy, even in ancient history.

Accepted Answer

A) True 
 B)False

Question 14

Innovation in the U.S.was spurred by:

Accepted Answer

A) ​a free high school education in the U.S. 
B) ​an influx of capable immigrants 
C) ​an inexpensive patent system 
D) ​All of the above are correct. 
A) ​a free high school education in the U.S. 
B) ​an influx of capable immigrants 
C) ​an inexpensive patent system 
D) ​All of the above are correct.

Question 15

Poverty is a mainstream event experienced by a majority of Americans.

Accepted Answer

A) True 
 B)False

Question 16

In 2013, the U.S.spent more on research and development than any other country in the world.

Accepted Answer

A) True 
 B)False

Question 17

At the beginning of the 20th century, average U.S.income was less than $6,000; as of 2013, the average income was nearly $53,000.

Accepted Answer

A) True 
 B)False

Question 18

In general, productivity levels are much higher in richer countries like the U.S.

Accepted Answer

A) True 
 B)False

Question 19

A less advanced country can improve its productivity by:

Accepted Answer

A) ​repurposing 
B) ​imitating 
C) reusing 
D) ​redeveloping 
A) ​repurposing 
B) ​imitating 
C) reusing 
D) ​redeveloping

Question 20

Poverty and inequality in the U.S.are well below the OECD average.​​

Accepted Answer

A) True 
 B)False

Exam 21: Is Useconomic Leadership Threatened

Regarding poverty in U.S.society, it is correct to say that:

Regarding U.S.health care costs, it is correct to say that:

Previously a creditor nation, in the 1980s the U.S.became a debtor nation.

A country like the U.S., which is operating at the technological frontier, can improve its technology only by:

The cost of a hospital stay has been going down slowly.

For the average American, innovation has led to:

The U.S.remains the world's economic leader in all respects.

According to economist Schumpeter, the first step in entrepreneurial growth is:

The growth rates of capital, workforce skills and technology are higher in rich countries.

One of the most controversial public policy issues in recent decades is the size and growth of the U.S.budget deficit and public debt.Discuss where we are, compared to other countries, and how we got here.

About _____% of Americans between the ages of 25 and 60 will experience at least one year below the official poverty line.

According to Professor Robert Gordon of Northwestern University, what are the four "headwinds" facing the U.S.economy, and how do they interact with innovation?

In terms of innovation and growth, the U.S.economic system has far exceeded the achievements of any other type of economy, even in ancient history.

Innovation in the U.S.was spurred by:

Poverty is a mainstream event experienced by a majority of Americans.

In 2013, the U.S.spent more on research and development than any other country in the world.

At the beginning of the 20th century, average U.S.income was less than $6,000; as of 2013, the average income was nearly $53,000.

In general, productivity levels are much higher in richer countries like the U.S.

A less advanced country can improve its productivity by:

Poverty and inequality in the U.S.are well below the OECD average.​​

What Is Economics

The Economy: Myth and Reality

The Fundamental Economic Problem: Scarcity and Choice

Supply and Demand: an Initial Look

Consumer Choice: Individual and Market Demand

Demand and Elasticity

Production, Inputs, and Cost: Building Blocks for Supply Analysis

Output, Price, and Profit: the Importance of Marginal Analysis

Securities: Business Finance and the Economy: the Tail That Wags the Dog

The Firm and the Industry Under Perfect Competition

Monopoly

Between Competition and Monopoly

Limiting Market Power: Regulation and Antitrust

The Case for Free Markets: the Price System

The Shortcomings of Free Markets

Externalities, the Environment, and Natural Resources

Taxation and Resource Allocation

Pricing the Factors of Production

Labor and Entrepreneurship: the Human Inputs

Poverty, Inequality, and Discrimination

An Introduction to Macroeconomics

The Goals of Macroeconomic Policy

Economic Growth: Theory and Policy

Aggregate Demand and the Powerful Consumer

Demand-Side Equilibrium: Unemployment or Inflation

Bringing in the Supply Side: Unemployment and Inflation

Managing Aggregate Demand: Fiscal Policy

Money and the Banking System

Monetary Policy: Conventional and Unconventional

He Financial Crisis and the Great Recession

The Debate Over Monetary and Fiscal Policy

Budget Deficits in the Short and Long Run

The Trade-Off Between Inflation and Unemployment

International Trade and Comparative Advantage

The International Monetary System: Order or Disorder

Exchange Rates and the Macroeconomy

Filters

Poverty and inequality in the U.S.are well below the OECD average.