Multiple Choice Practice #2 Lesson 06.01
Read the following passages carefully before you choose your answers. If you wish to
annotate (it's an important skill to practice!), copy and paste the passages and questions into
a document and print.
Read the following passage carefully before you choose your answers.
(1) The saying goes, "Find a penny, pick it up. (2) All day long, you'll have good luck." (3) According
to economists, however, stopping to pick up a penny is a waste of time: for those few seconds of
"work," you earn less than minimum wage. (4) Considering that the penny has virtually no
purchasing power, it does nothing except add unnecessary weight to our pockets and purses. (5)
The United States should follow the lead of other countries and discontinue the penny, because it is
obsolete and costs more than it is worth.
(6) The penny has become useless as a means of exchange. (7) As economist Greg Mankiw says,
"When people start leaving a monetary unit at the cash register for the next customer, the unit is too
small to be useful." (8) Pennies once had notable value, but decades of increasing prices sapped
their individual buying power, and today you can't even use them in vending machines or parking
meters. (9) It's no wonder that pennies get tossed in fountains, forgotten under sofa cushions, or
abandoned on the sidewalk.
(10) In 2001, it cost 0.79 cents to make a penny, but now, with metal costs increasing, the cost has
changed in a noteworthy way. (11) Thus, the United States Mint loses money for every penny it
produces; in 2014, for instance, it lost $55 million producing pennies. (12) They also waste retailers'
and consumers' time. (13) A recent study showed that counting pennies at the register adds an
average of two seconds to every cash transaction. (14) This adds up to about 2.4 hours a year for
the average American.