1) Housing cost has increased about _______ percent since 1970

1) Housing cost has increased about _______ percent since 1970 due to the active market for real estate in desirable neighborhoods near good schools.

A) About 30

B) About 50

C) About 70

D) About 100

2) When disposable income is 1,500, Savings is

A) 0

B) 100

C) 150

D) 200

3) Critics of the tax cut of 2001 made all of the following arguments EXCEPT

A) It would push up the federal budget deficit.

B) Most of the benefits would go to the rich.

C) The last time massive tax cuts were enacted in the 1980s, budget deficits increased dramatically.

D) The tax cut will discourage people from working

4) Excise taxes

A) Are aimed at a specific good or service.

B) Are aimed at a wide range of products.

C) Are direct taxes.

D) are generally progressive in nature.

5) Statement

1: In 2002 and 2003, state after state slashed services and raised taxes.Statement

2: Through the 1970s, the 1980s, and the 1990s, state governments ran substantial budget deficits.

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.

6) After World World II, the United States produced about ______ percent of the world’s oil, much of which we exported.

A) 40

B) 50

C) 60

D) 70

7) All of the following are an example of “off-shoring” EXCEPT

A) Accounting work that is sent over the Internet by the Miller Brewing Company in Milwaukee to Ireland.

B) An X-ray read by an Indian physician sent over the Internet from Durango, Colorado.

C) Briefs for law firms typed by people in China.

D) Wal-Mart hires a local janitorial firm to clean their stores at night.

8) Among the following, which group is helped during periods of inflation?

A) Creditors

B) Farmers

C) People on fixed incomes

D) Lenders

9) Which of the following statements is false?

A) The national debt leaves future generations less plant and equipment than would be left had there been a smaller debt.

B) The national debt is the amount that tax revenues fall short of government expenditures in any given year.

C) Foreigners hold almost one-third of the national debt.

D) The federal budget deficits were higher in the 1980s than the 1970s, and amounted to a greater percentage of GDP.

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