1. Since the millennium, job growth is 2. Which statement about the United States at present is false? 3. Who made this statement? "Once upon a time my opponents honored me as possessing the fabulous intellectual and economic power by which I created a worldwide depression all by myself." 4. _________ completely changed the face of the United States in the 25 years following World War II. 5. Each of the following took place in the 1930s except 6. Writer Thomas Friedman asserts that "America is the greatest engine of innovation that has ever existed and it can't be duplicated anytime soon, because" 7. Which of the following would NOT be an opportunity cost of fighting the war in Iraq? 8. The opportunity cost of the war in Iraq would be 9. Which of the following is the most accurate statement? 10. Unemployment means 11. Which of these is NOT an example of opportunity cost? 12. When the Times Mirror Company purchased the right to discharge 150 tons of hydrocarbons annually from other polluters, this was an example of 13. When the government determines the permissible level of pollution and issues permits to each polluting firm, this is a form of 14. Lowering the level of pollution to very close to zero would 15. The so-called "bridge to nowhere" in Alaska is an example of 16. Statement I: Most economists believe price ceilings do more harm than good.Statement II: In the long run, higher gas prices encourage greater exploration for oil and encourage the development of alternative energy sources. 17. Statement I: In 1973 and 1979 the United States dealt with a decrease in the supply of oil by letting the market solve the problem.Statement II: In 2005 the government avoided the problems of long gas lines by allowing the price of gasoline to rise. 18. The price of gasoline was much higher in 2005 than in 2003 because 19. Which of the following could have caused the price of gasoline to reach nearly $6 per gallon in some parts of the South on Labor Day weekend, 2005? 20. Statement I: Interest rates would fall if the demand for loanable funds rises.Statement II: Interest rates would rise if the supply of loanable funds decreased. 21. The increase in two wage earning families in the U.S. has resulted in a substantial increase in the percentage of disposable income spent on 22. Housing cost has increased about _______ percent since 1970 due to the active market for real estate in desirable neighborhoods near good schools. 23. As a nation's income falls, induced consumption _________________. 24. Conspicuous consumption 25. Which of the following would most likely cause Consumption to decrease? 26. By making a partnership a limited partnership, the partners have the following advantage of a corporation form of business 27. Suppose you own $50,000 worth of personal property, $1,000 in government bonds, $500 in a savings account, and $20,000 of Walmart common stock. If Walmart goes bankrupt, the most you could lose is 28. All of .

1. 1.
Since the millennium, job growth is
2.
Which statement about the United States at present is false?
3.
Who made this statement? "Once upon a time my opponents
honored me as possessing the fabulous intellectual and
economic power by which I created a worldwide depression all
by myself."
4.
_________ completely changed the face of the United States in
the 25 years following World War II.
5.
Each of the following took place in the 1930s except
6.
Writer Thomas Friedman asserts that "America is the greatest
engine of innovation that has ever existed and it can't be
duplicated anytime soon, because"
7.
Which of the following would NOT be an opportunity cost of
fighting the war in Iraq?
8.
The opportunity cost of the war in Iraq would be
9.
Which of the following is the most accurate statement?

2. 10.
Unemployment means
11.
Which of these is NOT an example of opportunity cost?
12.
When the Times Mirror Company purchased the right to
discharge 150 tons of hydrocarbons annually from other
polluters, this was an example of
13.
When the government determines the permissible level of
pollution and issues permits to each polluting firm, this is a
form of
14.
Lowering the level of pollution to very close to zero would
15.
The so-called "bridge to nowhere" in Alaska is an example of
16.
Statement I: Most economists believe price ceilings do more
harm than good.Statement II: In the long run, higher gas prices
encourage greater exploration for oil and encourage the
development of alternative energy sources.
17.
Statement I: In 1973 and 1979 the United States dealt with a
decrease in the supply of oil by letting the market solve the
problem.Statement II: In 2005 the government avoided the
problems of long gas lines by allowing the price of gasoline to
rise.
18.

3. The price of gasoline was much higher in 2005 than in 2003
because
19.
Which of the following could have caused the price of gasoline
to reach nearly $6 per gallon in some parts of the South on
Labor Day weekend, 2005?
20.
Statement I: Interest rates would fall if the demand for loanable
funds rises.Statement II: Interest rates would rise if the supply
of loanable funds decreased.
21.
The increase in two wage earning families in the U.S. has
resulted in a substantial increase in the percentage of disposable
income spent on
22.
Housing cost has increased about _______ percent since 1970
due to the active market for real estate in desirable
neighborhoods near good schools.
23.
As a nation's income falls, induced consumption
_________________.
24.
Conspicuous consumption
25.
Which of the following would most likely cause Consumption to
decrease?
26.
By making a partnership a limited partnership, the partners have

4. the following advantage of a corporation form of business
27.
Suppose you own $50,000 worth of personal property, $1,000 in
government bonds, $500 in a savings account, and $20,000 of
Walmart common stock. If Walmart goes bankrupt, the most you
could lose is
28.
All of the following are disadvantages of the proprietorship
form of business except
29.
When disposable income is 1,500, Savings is
30.
When disposable income is 1,500, C+ I is
31.
Critics of the tax cut of 2001 made all of the following
arguments EXCEPT
32.
Which would be the most accurate description of the top
marginal tax rate of the federal income tax?
33.
Excise taxes
34.
Statement 1: In 2002 and 2003, state after state slashed services
and raised taxes.Statement 2: Through the 1970s, the 1980s, and
the 1990s, state governments ran substantial budget deficits.
35.
Statement 1: The first Presidents George Bush. and President

5. Bill Clinton will go down in history as two of our greatest tax
cutters.Statement 2: Presidents Ronald Reagan and The second
President Bush will go down in history as two of our greatest
tax cutters.
36.
The most important economic concept to consider when
deciding whether to build your own deck or hire it done is
37.
The most important economic concept to consider when
deciding whether to produce a product domestically or import
the product is
38.
In 2004, ___________ exceeded the United States in value of
exports becoming the world's largest exporter.
39.
After World World II, the United States produced about ______
percent of the world's oil, much of which we exported.
40.
All of the following are an example of "off-shoring" EXCEPT
41.
If the unemployment rate rises from 5.5 to 7.0 and the rate of
inflation declines from 4.0 to 3.0, then the misery index
42.
There have been __________ recessions since World War II that
have lasted over one year.
43.
In a three-phase business cycle, the recovery phase is always
followed immediately by _______.

6. 44.
Among the following, which group is helped during periods of
inflation?
45.
The first part of the expansion phase of the cycle is
46.
Which of the following does NOT explain why the record
budget surplus in 2000 turned into record budget deficits by
2003?
47.
Automatic stabilizers result in _____ fluctuations in aggregate
demand for given changes in spending than would be the case
for an economy in which automatic stabilizers did not exist.
48.
Which of the following statements is false?
49.
During times of recession, we want to
50.
A balanced budget amendment to the Constitution, proposed
several times in the 1990s