Question 1

Generally, economists agree that the economic outlook for the U.S.is seriously challenged.

Accepted Answer

A) True 
 B)False

Question 2

In the U.S., health care may be expensive, but Americans enjoy the longest life-expectancy of any nation.

Accepted Answer

A) True 
 B)False

Question 3

In the last decade, health care spending in the U.S.nearly doubled.

Accepted Answer

A) True 
 B)False

Question 4

American high school students' test scores, especially in math and science, are higher than those in OECD countries.

Accepted Answer

A) True 
 B)False

Question 5

In 2013, the U.S.spending on research and development was:

Accepted Answer

A) ​the lowest among developed countries 
B) ​more than any other country 
C) ​more than most countries, but not China 
D) ​consistent with spending on R&D in 2012 
A) ​the lowest among developed countries 
B) ​more than any other country 
C) ​more than most countries, but not China 
D) ​consistent with spending on R&D in 2012

Question 6

In 2013, which of the following countries spent the most on Research and Development?

Accepted Answer

A) ​China 
B) ​Germany 
C) ​Japan 
D) ​the U.S. 
A) ​China 
B) ​Germany 
C) ​Japan 
D) ​the U.S.

Question 7

One protection that encouraged entrepreneurs in the U.S.was the enforceability of contracts by the courts.

Accepted Answer

A) True 
 B)False

Question 8

If countries where wages are far lower than those in the U.S.manufacture similar but vastly cheaper products, then:

Accepted Answer

A) ​U.S.consumers will buy those cheaper products 
B) ​U.S.producers will lose customers 
C) ​There will be a downward pressure on U.S.wages, and reduced employment 
D) ​All of the above statements are true. 
A) ​U.S.consumers will buy those cheaper products 
B) ​U.S.producers will lose customers 
C) ​There will be a downward pressure on U.S.wages, and reduced employment 
D) ​All of the above statements are true.

Question 9

In fiscal year 2014, the U.S.federal budget deficit amounted to about:

Accepted Answer

A) ​1.2% of GDP 
B) ​3.7% of GDP 
C) ​4.5% of GDP 
D) ​10% of GDP 
A) ​1.2% of GDP 
B) ​3.7% of GDP 
C) ​4.5% of GDP 
D) ​10% of GDP

Question 10

The U.S.spends more on education, and achieves far worse results.The underling cause of this disparity may have to do with:

Accepted Answer

A) ​the cost per student spent 
B) ​the high degree of inequality in the U.S. 
C) ​the difference in property tax rates 
D) ​both the high degree of inequality in the U.S.and the difference in property tax rates 
A) ​the cost per student spent 
B) ​the high degree of inequality in the U.S. 
C) ​the difference in property tax rates 
D) ​both the high degree of inequality in the U.S.and the difference in property tax rates

Question 11

Chronic trade deficits lead to a growing public debt.

Accepted Answer

A) True 
 B)False

Question 12

The U.S.switched from being a creditor nation to a debtor nation in:

Accepted Answer

A) ​the 1970s 
B) ​the 1980s 
C) ​the 1990s 
D) ​2008-2009 
A) ​the 1970s 
B) ​the 1980s 
C) ​the 1990s 
D) ​2008-2009

Question 13

Currently, the U.S.net national debt is almost 60 percent of GDP, but this percentage is smaller than that of many fiscally healthy countries.

Accepted Answer

A) True 
 B)False

Question 14

In 2012, about _____% of all Americans under the age of 65 did not have health insurance.

Accepted Answer

A) ​10% 
B) ​12% 
C) ​17% 
D) ​20% 
A) ​10% 
B) ​12% 
C) ​17% 
D) ​20%

Question 15

Life expectancy in the U.S.:

Accepted Answer

A) ​is the highest in the world 
B) ​is the lowest in the world 
C) ranks about 100th in the world 
D) ​ranks about 40th in the world 
A) ​is the highest in the world 
B) ​is the lowest in the world 
C) ranks about 100th in the world 
D) ​ranks about 40th in the world

Question 16

The U.S.government has accumulated a net national debt of almost 60% of GDP.Compared to other countries, this is:​​

Accepted Answer

A) ​smaller than that of many fiscally healthy countries 
B) larger than that of many fiscally healthy countries 
C) ​about the same as that of troubled debtor nations 
D) ​​larger than that of troubled debtor nations 
A) ​smaller than that of many fiscally healthy countries 
B) larger than that of many fiscally healthy countries 
C) ​about the same as that of troubled debtor nations 
D) ​​larger than that of troubled debtor nations

Question 17

If American imports run chronically above our exports, a trade deficit develops.

Accepted Answer

A) True 
 B)False

Question 18

During periods of U.S.prosperity,

Accepted Answer

A) ​imports from other countries are undesirable 
B) ​imports from other countries are sought out 
C) ​countries importing goods to the U.S.may use their earnings to buy American goods 
D) ​countries importing goods to the U.S.are unable to buy American goods 
A) ​imports from other countries are undesirable 
B) ​imports from other countries are sought out 
C) ​countries importing goods to the U.S.may use their earnings to buy American goods 
D) ​countries importing goods to the U.S.are unable to buy American goods

Question 19

The subject of borrowing by the U.S.from its citizens and from other countries, has resulted in one of the fiercest policy debates in recent years.

Accepted Answer

A) True 
 B)False

Question 20

One benefit of U.S.society that helped foster entrepreneurship was free public high school education.

Accepted Answer

A) True 
 B)False

Exam 21: Is Useconomic Leadership Threatened

Generally, economists agree that the economic outlook for the U.S.is seriously challenged.

In the U.S., health care may be expensive, but Americans enjoy the longest life-expectancy of any nation.

In the last decade, health care spending in the U.S.nearly doubled.

American high school students' test scores, especially in math and science, are higher than those in OECD countries.

In 2013, the U.S.spending on research and development was:

In 2013, which of the following countries spent the most on Research and Development?

One protection that encouraged entrepreneurs in the U.S.was the enforceability of contracts by the courts.

If countries where wages are far lower than those in the U.S.manufacture similar but vastly cheaper products, then:

In fiscal year 2014, the U.S.federal budget deficit amounted to about:

The U.S.spends more on education, and achieves far worse results.The underling cause of this disparity may have to do with:

Chronic trade deficits lead to a growing public debt.

The U.S.switched from being a creditor nation to a debtor nation in:

Currently, the U.S.net national debt is almost 60 percent of GDP, but this percentage is smaller than that of many fiscally healthy countries.

In 2012, about _____% of all Americans under the age of 65 did not have health insurance.

Life expectancy in the U.S.:

The U.S.government has accumulated a net national debt of almost 60% of GDP.Compared to other countries, this is:​​

If American imports run chronically above our exports, a trade deficit develops.

During periods of U.S.prosperity,

The subject of borrowing by the U.S.from its citizens and from other countries, has resulted in one of the fiercest policy debates in recent years.

One benefit of U.S.society that helped foster entrepreneurship was free public high school education.

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

The U.S.government has accumulated a net national debt of almost 60% of GDP.Compared to other countries, this is: