1. Since the millennium, job growth is A) growing. B) about the same as it was i
ID: 1247358 • Letter: 1
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1. Since the millennium, job growth is A) growing. B) about the same as it was in the 1990s. C) lagging. 2. Which statement about the United States at present is false? A) We have the world's largest economy. B) Our federal deficits have been at record highs for the last few years. C) The Social Security and Medicare trust funds are safe for at least the next two generations. D) In 2005, our savings rate fell below zero. E) We are borrowing $2 billion a day from foreigners to finance our trade and budget deficits. 7. Which of the following would NOT be an opportunity cost of fighting the war in Iraq? A) The $5 billion per month spent on research to cure breast cancer. B) A $5 billion per month cut in income taxes. C) A $5 billion per month investment in high speed rail systems between 12 major cities in the country. D) The $5 billion per month cost of fighting the war. E) A $5 billion per month program that invested in low-income housing across the country. 8. The opportunity cost of the war in Iraq would be A) The $5 billion a month that the U.S. spends fighting the war. B) How the $5 billion a month to fight the war might otherwise be spent. C) Both of the choices are true. D) Neither of the choices are true. 9. Which of the following is the most accurate statement? A) Employment discrimination has been diminished, but has not yet been wiped out. B) Federal laws do not restrict child labor. C) Underemployment of women, blacks and other Americans has increased substantially since the 1950s. D) Although there was substantial employment discrimination in the past, there is virtually none today. 11. Which of these is NOT an example of opportunity cost? A) Lobster catchers in Point Judith, Rhode Island continued to trap lobsters at the cost of depleting the lobster population. B) President George W. Bush's administration has pushed for oil exploration in the Arctic National Wildlife Refuge in Alaska at the cost of environmental preservation. C) Lobster catchers in Port Lincoln, Australia paid a licensing fee for the right to own lobster traps. D) The "bridge to nowhere" to be built near Anchorage, Alaska comes at the cost of adding to the federal budget deficit. 12. When the Times Mirror Company purchased the right to discharge 150 tons of hydrocarbons annually from other polluters, this was an example of A) following an incentive-based regulation. B) following a command-and-control regulation. C) conducting a transaction between polluters typical of those that have been carried out since the early 20th century. D) an illegal transaction. 13. When the government determines the permissible level of pollution and issues permits to each polluting firm, this is a form of A) incentive-based regulation. B) command-and-control regulation. C) tax on pollution. D) government barrier to the workings of demand and supply. 14. Lowering the level of pollution to very close to zero would A) raise our standard of living. B) have little effect on our standard of living. C) lower our standard of living. 15. The so-called "bridge to nowhere" in Alaska is an example of A) a market failure. B) the incentive for politicians to bring home as much federal money as possible. C) a government failure. D) a market failure AND the incentive for politicians to bring home as much federal money as possible. E) the incentive for politicians to bring home as much federal money as possible AND a government failure 16. Statement I: Most economists believe price ceilings do more harm than good.Statement II: In the long run, higher gas prices encourage greater exploration for oil and encourage the development of alternative energy sources. A) Statement I is true and statement II is false. B) Statement II is true and statement I is false. C) Both statements are true. D) Both statements are false. 17. Statement I: In 1973 and 1979 the United States dealt with a decrease in the supply of oil by letting the market solve the problem.Statement II: In 2005 the government avoided the problems of long gas lines by allowing the price of gasoline to rise. A) Statement I is true and statement II is false. B) Statement II is true and statement I is false. C) Both statements are true. D) Both statements are false. 19. Which of the following could have caused the price of gasoline to reach nearly $6 per gallon in some parts of the South on Labor Day weekend, 2007? A) The greed of the sellers. B) The temporary shut down of offshore oil wells due to Hurricane Katrina. C) The temporary shut down of some of the oil refineries due to Hurricane Katrina. D) All of the choices. 20. Statement I: Interest rates would fall if the demand for loanable funds rises.Statement II: Interest rates would rise if the supply of loanable funds decreased. A) Statement I is true and statement II is false. B) Statement II is true and statement I is false. C) Both statements are true. D) Both statements are false. 21. The increase in two wage earning families in the U.S. has resulted in a substantial increase in the percentage of disposable income spent on A) Food B) Appliances and computers C) Services and transportation D) Luxury itemsExplanation / Answer
A) growing. C) The Social Security and Medicare trust funds are safe for at least the next two generations.
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