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microeconomics
Questions and Answers of
Microeconomics
The superrich get most of their income from _______.a) rent, interest, and profitsb) wagesc) illegal transactionsd) real estate investments
The richest fifth of all American families receives percent of our total income.a) almost 35b) about 50c) more than 60d) more than 75
Which statement is the most accurate?a) The standard of living of poor American children is very low compared to that of middle-class American children.b) Poor children in the United States are
Between 1968 and 2011, the percentage share of total income grew for _________.a) lowest two quintilesb) the middle three quintilesc) the highest quintiled) the highest quintile and the lowest
Between 1968 and 2011, our income distribution _______.a) became more equalb) stayed about the samec) became less equal
Real median family income in the United States has _______.a) grown each year since 2000b) declined each year since 2000c) risen by about 20 percent since the late 1960sd) become lower today than
Which statement is the most accurate? a) The welfare rolls today are much lower than they were in 1996.b) About one in nine Americans lives below the poverty line.c) Without Social Security
Which statement is true?a) All of the 10 richest Americans inherited their fortunes.b) In order to make the top 10 list of American billionaires, you need a fortune of over $15 billion.c) The two
Which statement is the most accurate? a) Although there are poor children in the United States, our child poverty problem is not nearly as bad as that of most other rich countries.b) The reason so
Which statement is true?a) If we redistributed income every year so that everyone would get the same amount, this would hurt the efficiency of our economy.b) Virtually everyone agrees that we
The largest government program aimed exclusively at helping the poor is _________.a) the Earned Income Tax Creditb) public assistancec) food stampsd) Social Security
Which of the following people would most likely experience at least a year of poverty after her or his 20th birthday?a) a high school dropoutb) a black personc) a white persond) a college dropout
Which statement is true?a) Most of the nation’s poor receive welfare benefits.b) Since the Welfare Reform Act of 1996, no new welfare cases have been accepted.c) More people than ever are
Which statement is true?a) Over 90 percent of the families receiving public assistance are headed by people who are employed.b) Nearly 90 percent of those in the workforce earn at least $10 an
Which statement is the most accurate?a) Our poverty rate is somewhat higher today than it was in 1999.b) Our poverty rate is over 17 percent.c) If it were not for the 2007–09 recession, our
What would be the most effective way of raising people out of poverty?a) Cut off welfare payments to every family with at least one adult member between the ages of 18 and 64.b) Raise the minimum
Which statement is the most accurate?a) Our nation provides cradle-to-grave security for our military personnel and their families.b) Because of the relative high pay and benefits provided by the
Which is the most accurate statement about real median family income?a) It has declined steadily over the last ten years.b) It has fallen during nearly every recession since the 1960s.c) It is
Which statement is the most accurate?a) Because of the efforts of the Veterans Administration, only a handful of veterans are homeless.b) Most military families have to get by on food stamps and
Who made this statement: “I still have the audacity to believe that people everywhere can have three meals a day.” a) Charles Murrayb) William Julius Wilsonc) Barbara Bush (mother of
Which statement is false? a) Nearly half of all poor Americans own their own homes.b) A poor person today has roughly the same standard of living as a middle-income person 30 years ago.c) The
Who would most likely receive food stamps before the age of 20?a) a white personb) a black personc) an Asian American persond) a person who grew up in a two-parent household
Which statement is the most accurate?a) Most poor people receive public assistance (formerly called welfare).b) Public assistance has been discontinued.c) The number of people receiving public
Which statement best reflects the views of Charles Murray?a) The main cause of poverty can be traced to the heritage of slavery.b) Poverty is caused largely by government antipoverty
Which of the following people would stand the least chance of being poor during her or his lifetime?a) someone with less than 12 years of educationb) someone with more than 12 years of
Who would most likely be poor?a) a person over 65b) a black childc) a Hispanic childd) a college dropout
The dividing line between the 1 percent and the 99 percent is an annual income of ______.a) $100,000b) $400,000c) $1 milliond) $5 millione) $1 billion
The richest 1 percent of our population owns over ________ percent of our wealth.
The two biggest benefit programs aimed solely at the poor are _________ and _________.
More than one out of every _______black Americans is poor.
About ____________ percent of all poor people are black.
The basic problem with the absolute concept of poverty is finding the _____.
The poverty line is set by the _________.
The richest quintile of humanity spends about ___________ times as much on consumption as the world’s poorest quintile.
What is the percentage of income received by the lowest quintile on line R? Percentage of income 100 80 60 40 20 0 0 Figure 1 S R 10 20 30 40 50 60 70 80 90 100 Percentage of households
What is the percentage of income earned by the highest quintile on Lorenz curve Q? Percentage of income 100 80 60 40 20 0 0 Figure 1 S R 10 20 30 40 50 60 70 80 90 100 Percentage of households
What is the percentage of income received by the highest quintile on line R? Percentage of income 100 80 60 40 20 0 0 Figure 1 S R 10 20 30 40 50 60 70 80 90 100 Percentage of households
What is the percentage of income received by the middle three quintiles on line S? Percentage of income 100 80 60 40 20 0 0 Figure 1 S R 10 20 30 40 50 60 70 80 90 100 Percentage of households
Turkey has a population of 100 million, 16 million of whom live below the poverty line. Indonesia has a population of 200 million, 50 million of whom live below the poverty line. (a) Calculate the
Web Activity: How much were our imports, exports, and trade deficit during the last year? Go to www.bea.gov, click on “Survey of Current Business” at the left, then go to “National Data,”
Our balance of trade ______.a) has always been positiveb) turned negative in the mid-1970sc) turned negative in the mid-1980sd) has always been negative
Which makes the most sense economically? (LO2)a) individual self-sufficiencyb) national self-sufficiencyc) national specializationd) none of the above
Which statement do you agree with? a) There are several problems causing our huge trade deficit; there are no easy solutions to these problems.b) We could quickly eliminate our trade deficit by
The Chinese economic expansion since the early 1980s and the Japanese economic expansion from the late 1940s through the 1980s were ______. a) virtually identicalb) both dependent on the American
Which statement is false? a) No nation will engage in trade with another nation unless it will gain by that trade.b) The terms of trade will fall somewhere between the domestic exchange equations
Our largest trade deficit is with ____.a) Japanb) Canadad) Mexico c) Chinae) Germany
Which of the following does not contribute to our huge trade deficit? a) our dependence on automobile travelb) our addiction to consumer goodsc) our shrinking manufacturing based) our huge oil
The least applicable argument for protecting American industry from foreign competition would be the _______argument. a) national securityc) low-wageb) infant industryd) employment
Imports would be lowered by _________.a) tariffs onlyb) import quotas onlyc) both tariffs and import quotasd) neither tariffs nor import quotas
Our biggest annual trade deficit in our history was more than billion.a) $ 300b) $400c) $500d) $600e) $700
Which country regularly counterfeits American goods and services, a practice that costs American industry over $200 billion a year? a) Mexicob) Canadac) Chinad) Japan
Which is the most accurate statement with respect to our chemical industry? a) It is on the decline and now contributes to our balance of trade defi cit.b) It is large and growing.c) It generally
Which statement is the most accurate? a) Globalization, on balance, has been very bad for the U.S. economy.b) All the effects of globalization have been very good for the U.S. economy.c) The best
Our trade deficit with China in 2012 was _____. a) under $100 billionb) between $100 billion and $200 billionc) between $200 billion and $300 billiond) over $300 billion
Statement 1: Our trade deficit with China is larger than our trade deficit with Japan. Statement 2: Americans pay lower taxes on gasoline than do the citizens of most of the nations in Western
Of the following, our imports of contribute most to our trade deficit.a) oilc) textilesb) clothingd) consumer electronics
Which of the following would best describe our trading relationship with China five years from now?a) Our trade deficit will be higher and we will be importing a higher proportion of “low-skill”
Which statement is the most accurate?a) Globalization has made some people winners and others losers.b) Globalization has been good for everyone involved.c) Globalization has been bad for everyone
Which statement is true about how globalization has affected American workers?a) The only jobs that have been lost or will be lost are blue-collar factory jobs.b) Most workers who have lost their
Which statement is the most accurate?a) The United States can be described as a purely free trading nation.b) The United States is one of the most protectionist nations in the world.c) The rich
Which statement is true?a) Comparative advantage is not necessary for trade to take place, but absolute advantage is.b) Absolute advantage is not necessary for trade to take place, but comparative
Which statement is true?a) There are basically no arguments that can be made on behalf of trade protection.b) The arguments for trade protection are more valid than the arguments for free
In order for trade between two countries to take place, ___________.a) absolute advantage is necessaryb) comparative advantage is necessaryc) both absolute and comparative advantage are
Which statement is the most accurate?a) Americans are very willing to buy domestically produced goods, even if they are more expensive than imported goods.b) We import more foreign goods than we
Which statement is the most accurate?a) Our economy would be much better off if the entire globalization process were reversed.b) The globalization process creates billions of winners and no
What accounts for the sharp fall in our trade deficit in 2009?a) Our imports fell more than our exports.b) Our exports fell more than our imports.c) The recession was much worse in the rest of the
The basis for international trade is ______. A. Brazil Tons of steel 10 8 CO 4 2 T I 24 Tons of wheat Figure 1 B. Argentina Tons of steel 2 T 2 4 6 Tons of wheat 8 10
Brazil is better at producing ________ than at producing _________. A. Brazil 10 8 6 Tons of steel 4 2 2 4 Tons of wheat Figure 1 B. Argentina Tons of steel 2 T 2 4 6 8 Tons of wheat 10
If 1 ton of steel could be traded for 1 ton of wheat, Brazil would trade its ________ for Argentina’s ____________. A. Brazil 10 Tons of steel 4 CO 2 2 4 Tons of wheat Figure 1 B. Argentina Tons of
_______is the country with which we have the largest trade imbalance.
Our trade deficit in 2012 was $ ___________.
If our trade deficit with China and Japan were 0, our total trade deficit would be reduced by almost $ _____billion.
The law of comparative advantage states that total output is greatest when each product is made by the country that has the _____.
Paraguay exports $21 billion of goods and imports $25 billion of goods. It exports $15 billion of services and imports $13 billion of services. Find the nation’s(a) balance of goods,(b) balance
Nigeria has a positive trade balance of $10 billion. If it has a negative balance of services of $8 billion, how much is its balance of goods?
Algeria has a negative trade balance of $7 billion. If it has a positive balance of goods of $10 billion, how much is its balance of services?
If the dollar depreciates relative to the Japanese yen, will the Sony DVD player you wanted become more or less expensive? What effect will this have on the number of Sony DVD players that Americans
Web Activity: Jennifer Saxton bought a microwave oven made in China for $200. How much would she have paid in Chinese yuan? Go towww.x-rates.com/calculator.html.
Web Activity: Melissa Larmon bought a German camera for 300 euros. How much would she have paid in U.S. dollars? Go to www.x-rates.com/calculator.html.
We became a debtor nation in ________.a) 1975c) 1985b) 1980d) 1990
In 2011 our net foreign debt was over $ trillion.a) 2b) 4c) 6d) 8e) 10
Which statement is the most accurate? a) The American empire, like the Romans, the Spanish, and the British before us, uses its military might to force other nations to provide us with low-cost
During the 1980s and 1990s, ______.a) both American investment abroad and foreign investment in the United States increasedb) both American investment abroad and foreign investment in the United
Which statement is true?a) Foreigners own most of the assets in the United States.b) We own more assets in foreign countries than foreigners own in the United States.c) Foreigners are driving up
Which statement is the most accurate?a) As a percentage of GDP, the United States has the highest current account surplus of any nation.b) As a percentage of GDP, the United States has the highest
An American importer of Italian shoes would pay in ______. a) dollarsb) goldc) eurosd) lira
The total of our current and capital accounts ______.a) will always be zerob) will always be negativec) will always be positived) may be positive or negative
Statement1. We have been running large balance of payments deficits in recent years. Statement 2. The most widely used currency in the world is the euro. a) Statement 1 is true and statement 2 is
Today international finance is based on ________.a) the gold standardb) mainly a relatively free-floating exchange rate systemc) fixed rates of exchange
The international gold standard worked well until ____.a) World War Ib) 1940 c) 1968d) 1975
If we were on an international gold standard, _______.a) inflations would be eliminatedb) recessions would be eliminatedc) trade deficits and surpluses would be eliminatedd) no nation would ever
Which statement is false? a) The gold standard will work only when the gold supply increases as quickly as the world’s need for money.b) The gold standard will work only if all nations agree to
The gold exchange standard was in effect from ______.a) 1900 to 1944b) 1944 to 1973c) 1955 to 1980d) 1973 to the present
Today currency exchange rates are set mainly by _______.a) the International Monetary Fundb) the U.S. Treasuryc) bilateral agreements between trading nationsd) supply and demand
The most important influence on the exchange rate between two countries is _______.a) the relative price levels of the two countriesb) the relative growth rates of the two countriesc) the relative
Devaluation would tend to _______.a) make the devaluating country’s goods cheaperb) make the devaluating country’s goods more expensivec) have no effect on the value of the devaluating
Which statement is the most accurate?a) Since the euro was introduced it has lost almost half its value.b) The euro has facilitated trade among the members of the euro zone.c) The euro is now the
The main reason why we are the world’s largest debtor nation is __________.a) our military spendingb) our trade deficitc) inflationd) high taxes
Which statement is the most accurate?a) Since our current account deficit is matched by our capital account surplus, we have no problem with respect to our international transactions.b) Foreigners
Which statement is the most accurate?a) There is no basis for the claim that the United States is living beyond its means.b) Our current account deficit is not a serious problem.c) Our trade
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