Question 1

In early 2013, two economists debated the question of whether:

Accepted Answer

A) ​the trade deficit should be reduced rapidly or steadily 
B) ​the United States was past its prime 
C) ​the percentage of health care to GDP was a warning sign for the economy 
D) ​none of these 
A) ​the trade deficit should be reduced rapidly or steadily 
B) ​the United States was past its prime 
C) ​the percentage of health care to GDP was a warning sign for the economy 
D) ​none of these

Question 2

Some economists believe that our best years of economic growth are behind us.

Accepted Answer

A) True 
 B)False

Question 3

How can it be that the U.S.spends more on education than many other nations, and achieves far worse results?
 What may be the underlying reason?

Accepted Answer

​The reason that the U.S.education syste

Question 4

Professor Gordon posits that the best years of U.S.growth are behind us because of four "headwinds," which are:

Accepted Answer

A) ​lackluster growth and poverty 
B) ​demographids and education 
C) ​debt and inequality 
D) ​a and b only 
E) ​b and c only 
A) ​lackluster growth and poverty 
B) ​demographids and education 
C) ​debt and inequality 
D) ​a and b only 
E) ​b and c only

Question 5

The future of the U.S as leader of the economic world:

Accepted Answer

A) ​is likely to continue for generations to come 
B) ​will be sustained in the next generation, but not beyond 
C) ​requires U.S.action in several critical economic areas 
D) ​requires a return of manufacturing to the U.S. 
A) ​is likely to continue for generations to come 
B) ​will be sustained in the next generation, but not beyond 
C) ​requires U.S.action in several critical economic areas 
D) ​requires a return of manufacturing to the U.S.

Question 6

Among young Americans aged 19 to 25, _____% have no health insurance.

Accepted Answer

A) ​11% 
B) ​17% 
C) ​22% 
D) ​26% 
A) ​11% 
B) ​17% 
C) ​22% 
D) ​26%

Question 7

Regarding the financial crisis of 2008-2009, and Americans' spending habits, it is correct to say that:

Accepted Answer

A) ​After 2000, the ratio of consumer debt to GDP dropped steadily. 
B) ​After the financial crisis of 2008-2009, many U.S.consumers incurred more debt. 
C) ​Since 2009, the ratio of consumer debt to GDP has come down notably. 
D) ​None of these is correct. 
A) ​After 2000, the ratio of consumer debt to GDP dropped steadily. 
B) ​After the financial crisis of 2008-2009, many U.S.consumers incurred more debt. 
C) ​Since 2009, the ratio of consumer debt to GDP has come down notably. 
D) ​None of these is correct.

Question 8

Which of the following encourage(s) entrepreneurs to innovate?

Accepted Answer

A) ​the patent system 
B) ​the enforcement of contracts by the courts 
C) ​private property rights 
D) ​All of the above are correct. 
A) ​the patent system 
B) ​the enforcement of contracts by the courts 
C) ​private property rights 
D) ​All of the above are correct.

Question 9

The best hope for continued growth of the U.S.economy probably lies in:

Accepted Answer

A) ​a return of manufacturing to the U.S. 
B) ​innovation 
C) ​patents 
D) ​decreasing poverty 
A) ​a return of manufacturing to the U.S. 
B) ​innovation 
C) ​patents 
D) ​decreasing poverty

Question 10

Debt grew faster than GDP during and after the recent Great Recession, when the government had to spend more (as for unemployment benefits), while its tax revenue shrank.

Accepted Answer

A) True 
 B)False

Question 11

In recent decades, other countries have caught up to the U.S.and even surpassed it in some important economic arenas.

Accepted Answer

A) True 
 B)False

Question 12

Chronic trade deficits lead to a growing national debt.

Accepted Answer

A) True 
 B)False

Question 13

While it is not certain that U.S.leadership will continue into the next generation, the nation will continue to enjoy the abundance it has enjoyed in the past.

Accepted Answer

A) True 
 B)False

Question 14

America's prosperity and economic growth is secure for the foreseeable future.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following statements is true of entrepreneurs?

Accepted Answer

A) ​They have a talent for spotting new profit-making opportunities. 
B) ​They are an indispensable ingredient to the U.S.'s unprecedented growth performance 
C) ​They are an indispensable ingredient to the U.S.'s success over the centuries. 
D) ​All of the above are true. 
A) ​They have a talent for spotting new profit-making opportunities. 
B) ​They are an indispensable ingredient to the U.S.'s unprecedented growth performance 
C) ​They are an indispensable ingredient to the U.S.'s success over the centuries. 
D) ​All of the above are true.

Exam 21: Is Useconomic Leadership Threatened

In early 2013, two economists debated the question of whether:

Some economists believe that our best years of economic growth are behind us.

How can it be that the U.S.spends more on education than many other nations, and achieves far worse results? What may be the underlying reason?

Professor Gordon posits that the best years of U.S.growth are behind us because of four "headwinds," which are:

The future of the U.S as leader of the economic world:

Among young Americans aged 19 to 25, _____% have no health insurance.

Regarding the financial crisis of 2008-2009, and Americans' spending habits, it is correct to say that:

Which of the following encourage(s) entrepreneurs to innovate?

The best hope for continued growth of the U.S.economy probably lies in:

Debt grew faster than GDP during and after the recent Great Recession, when the government had to spend more (as for unemployment benefits), while its tax revenue shrank.

In recent decades, other countries have caught up to the U.S.and even surpassed it in some important economic arenas.

Chronic trade deficits lead to a growing national debt.

While it is not certain that U.S.leadership will continue into the next generation, the nation will continue to enjoy the abundance it has enjoyed in the past.

America's prosperity and economic growth is secure for the foreseeable future.

Which of the following statements is true of entrepreneurs?

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

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