A) impacted only high-income countries. B) was only severe in the United States.

04 Jun A) impacted only high-income countries. B) was only severe in the United States.

Question
1.2 Economic Analysis and Modern Problems

1) According to the Texas Transportation Institute, the typical U.S. commuter wastes approximately how much time per year due to traffic congestion?

A) 14 hours

B) 22 hours

C) 47 hours

D) 96 hours

Topic: Economic View of Traffic Congestion

Skill: Fact

2) In the final two decades of the twentieth century, average per capita global income

A) increased by approximately 35%.

B) remained relatively unchanged.

C) decreased by approximately 6%.

D) increased by more than 75%.

Topic: Economic View of Poverty in Africa

Skill: Fact

3) In the final two decades of the twentieth century, per capita income in sub-Saharan Africa

A) increased by approximately 35%.

B) remained relatively unchanged.

C) decreased by approximately 6%.

D) increased by more than 75%.

Topic: Economic View of Poverty in Africa

Skill: Fact

4) Prior to the financial crisis and recession which began in 2007, credit for mortgages was ________, creating a ________.

A) virtually unavailable; housing bubble

B) only available to borrowers with high credit scores; shortage of affordable housing

C) easily obtained; housing boom

D) unavailable to low-income borrowers; large demand for rental properties

Topic: Economic View of the Current World Recession

Skill: Fact

5) The financial crisis and recession which began in 2007

A) impacted only high-income countries.

B) was only severe in the United States.

C) had a global impact.

D) impacted only low-income countries.

Topic: Economic View of the Current World Recession

Skill: Fact

6) Congestion taxes tend to cause an increase in traffic volume during rush hours.

Topic: Economic View of Traffic Congestion

7) In the 1980s and 1990s, average per capita income increased by a greater percentage in sub-Saharan Africa than it did in the rest of the world.

Topic: Economic View of Poverty in Africa

Skill: Fact

1.3 The Economic Way of Thinking

1) Who is associated with the following summary of the economic way of thinking: “The theory of economics does not furnish a body of settled conclusions immediately acceptable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its processer draw correct conclusions.”

A) John Maynard Keynes

B) Alfred Marshall

C) Adam Smith

D) President Harry Truman

Topic: The Economic Way of Thinking

Skill: Fact

2) To make things simpler and focus attention on what really matters, economists would

A) use assumptions.