Questions from General Economics


Q: Total federal spending on health care, after adjusting for inflation,

Total federal spending on health care, after adjusting for inflation, has been a) growing. b) relatively constant. c) declining slowly. d) declining rapidly.

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Q: When looking at a balanced-budget amendment to the U.

When looking at a balanced-budget amendment to the U.S. Constitution, economists a) are universally opposed to it. b) are universally in favor of it. c) are of two minds with opponents concerned a...

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Q: By way of international comparison, recent U.S. deficits

By way of international comparison, recent U.S. deficits have increased the ratio of debt to GDP a) such that the United States has the highest ratio in the industrialized world. b) but every other...

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Q: The job losses during this recession were a) typical of

The job losses during this recession were a) typical of a short recession. b) nonexistent. c) significant and rapid.

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Q: What source of rapid (1950–1975) growth is not

What source of rapid (1950–1975) growth is not duplicable? a) Electrification of lighting b) Increases in education c) Increases in productivity

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Q: Using simple linear production possibilities frontiers in a simple two-good

Using simple linear production possibilities frontiers in a simple two-good, two-country model, absolute advantage is evident when a) one country can make more of a good than the country other can. b...

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Q: The World Trade Organization governs the provisions of a) NAFTA

The World Trade Organization governs the provisions of a) NAFTA. b) GATT. c) CAFTA. d) SHAFTA.

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Q: If policy makers were to attempt to set a tax equal to

If policy makers were to attempt to set a tax equal to the external costs of alcohol, one would have to evaluate a) the cost of production. b) the price paid by consumers. c) the value of innocent...

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Q: Medical care inflation is likely to be easily overstated (if you

Medical care inflation is likely to be easily overstated (if you look simply at the increase in the cost of a hospital stay) because that calculation ignores a) the original costs. b) the new costs....

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Q: The Medicare Trust Fund is necessary because a) current expenses

The Medicare Trust Fund is necessary because a) current expenses are greater than current revenues. b) current expenses are less than current revenues. c) future expenses will be greater than futur...

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