Question 1

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 B

Question 2

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

Accepted Answer

A) True 
 B)False  False

Question 3

The continued position of the United States as the world's economic leader is:

Accepted Answer

A) ​assured 
B) predictable 
C) ​automatic 
D) ​uncertain 
A) ​assured 
B) predictable 
C) ​automatic 
D) ​uncertain D

Question 4

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 5

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 6

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 7

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 8

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 9

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 10

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 11

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 12

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

Accepted Answer

A) True 
 B)False

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

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

Accepted Answer

A) True 
 B)False

Question 15

In some respects, the U.S.has fallen behind other nations.

Accepted Answer

A) True 
 B)False

Question 16

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 17

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 18

The U.S.debt problem is caused by the government only; individuals don't go into debt.

Accepted Answer

A) True 
 B)False

Question 19

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 20

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.

Exam 21: Is Us Economic Leadership Threatened

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

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

The continued position of the United States as the world's economic leader is:

For the average American, innovation has led to:

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

During periods of U.S.prosperity,

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

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.

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

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

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

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.

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

In some respects, the U.S.has fallen behind other nations.

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

A less advanced country can improve its productivity by:

The U.S.debt problem is caused by the government only; individuals don't go into 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.

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

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

International Trade and Comparative Advantage

Filters

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