Review Temporary_Econ Probs_Sp08

Review Temporary_Econ Probs_Sp08 - Economic Problems Review...

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Dr. Schwabe 1. Global markets: a) Are strongly kept in check by the socialist and communist economies. b) Are subject to the same extreme boom and bust cycles as most capitalist economies are. c) Tend to be self-stabilizing. d) Have yielded a high income for most American families. 2. Which of the following describe major economic problems facing the United States? a) The real income of American workers is about the same as it was in 1970 while the number of family members who work has risen. b) Americans do not save at the rate that other citizens of Western Industrialized countries do. c) The United States imports more than it exports, contributing to our large national debt. d) all of the above 3. The amount of income defined by the poverty line is problematic in that it: a) Is not based on a nutritious diet needed for daily, long- term consumption. b) Does not account for changes in housing costs. c) Does not adjust for cost of living differences across the nation. d) All of the above e) None of the above. 1
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Dr. Schwabe 4. Currently, the average American household brings in about $6,000 more than in 1980. Related to this, which of the following are true? a) This statistic is misleading because it is calculated based on on one income earner while most households now have two earners. b) This minor gain is despite the fact that 11 million more wives now work for pay than did in 1980. c) The extra income does not include additional costs for daycare and other expenses when two adults in a household work. d)
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Review Temporary_Econ Probs_Sp08 - Economic Problems Review...

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