Title: Economic Thinking
Course: Macro Quiz Test

Q: Scarcity is a condition that is everywhere and always, since it is based upon two assumptions that reflect permanent universal conditions. The assumptions are that more output will satisfy more wants and
- there are limited wants.
- the world has unlimited productive resources.
- the world has limited productive resources.
A: the world has limited productive resources.

Q: Which assumption below best reflects a basic understanding economists have about the world?
- There are limited wants.
- More output creates more wants.
- The world has limited productive resources.
A: The world has limited productive resources.

Q: In a world of scarcity, we will never
- use all economic resources such that we satisfy the maximum amount of wants.
- satisfy all basic human needs.
- meet all of society’s wants.
A: meet all of society’s wants.

Q: What will we never do in a world of scarcity?
- Use all economic resources such that we satisfy the maximum amount of wants.
- Satisfy all basic human needs.
- Meet all of society’s wants.
A: Meet all of society’s wants.

Q: When picking up a rental car at an airport car rental agency, some travelers stand in line waiting to sign paperwork and pick up car keys at the rental desk while other travelers can go right to their rental car by using their rental car loyalty club card. In this example, the travelers who move quickly through to the parking lot pick up their car are probably
- experienced travelers that know that making online reservations is the best way to avoid long lines at the rental counter.
- more important than travelers waiting in the longer lines at the rental car counter.
- travelers who value convenience more than those waiting in line and are willing to pay additional club fees for the option of avoiding them.
A: travelers who value convenience more than those waiting in line and are willing to pay additional club fees for the option of avoiding them.

Q: Some highways have commuter or express pass lanes. During rush hour lanes on the highway move slowly or often are stop and go, but the express lanes continue to move at a faster pace. Express pass users pay for a transponder and monthly fees to have express lane access even with no other people in their cars. In this example, the drivers who purchase these express passes are probably
- experienced drivers that know that the best way to avoid commuter lines on the freeway is to leave home earlier to get to work.
- more important than drivers waiting in the longer commute lines on the freeway.
- drivers who value speed and convenience more than those in the stop and go lanes and are willing to pay additional express pass fees for the option of avoiding traffic jams.
A: drivers who value speed and convenience more than those in the stop and go lanes and are willing to pay additional express pass fees for the option of avoiding traffic jams.

Q: Imagine that a high school junior received a bonus check from his boss on the last day of his summer job. He decides to save all of that bonus check to pay for his senior trip coming up next year instead of purchasing a much needed new automobile. From an economist’s perspective, which of the following statements about this decision is likely to be true?
- The decision is irrational because anyone can see that choosing a high school trip over a much needed new automobile is an improper use of scarce resources.
- The decision must have been made haphazardly and is therefore irrational.
- The decision is rational in the sense that it reflects the junior's preference for a senior trip over new automobiles.
A: The decision is rational in the sense that it reflects the junior's preference for a senior trip over new automobiles.

Q: Imagine that a high school junior sold her old car at the end of the summer and now has the funds from the sale in her bank. She decides to purchase a much needed new automobile instead of saving that money to pay for her senior trip coming up next year. From an economist’s perspective, which of the following statements about this decision is likely to be true?
- The decision must have been made haphazardly and is therefore irrational.
- The decision is irrational because anyone can see that choosing a new automobile over a once in a lifetime senior trip is an improper use of scarce resources.
- The decision is rational in the sense that it reflects the junior's preference for a new automobile over a senior trip.
A: The decision is rational in the sense that it reflects the junior's preference for a new automobile over a senior trip.

Q: Land, or natural resources, include(s) the fertility of the land, minerals below it, and
- human capital resources.
- human resources.
- climate.
A: climate.

Q: Natural resources, or land, can include the fertility of the land, minerals below it, and what other aspects?
- human capital resources
- human resources
- climate
A: climate

Q: Economic capital is productive, so it does NOT include
- buildings & equipment.
- tools.
- money.
A: money.

Q: What is NOT included in economic capital?
- buildings and equipment
- tools
- money
A: money

Q: Financial capital, like money, is simply a tool. Once financial capital is converted to economic capital (invested), it produces a resource that is
- profitable.
- expensive.
- productive.
A: productive.

Q: The distinguishing feature of economic capital (as opposed to financial capital, like money) is that it is
- profitable.
- expensive.
- productive.
A: productive.

Q: What are the factors of production?
- money, resources, labor, management
- land, labor, opportunity
- land, economic capital, labor, entrepreneurship
A: land, economic capital, labor, entrepreneurship

Q: What are the factors of production?
- labor, economic capital, ingenuity, money
- land, labor, opportunity
- land, economic capital, labor, entrepreneurship
A: land, economic capital, labor, entrepreneurship

Q: Due to limits on our time, money, and effort, we are best off when we allocate things
- according to what society as a whole would want.
- with the objective of maximizing profit.
- by constantly assessing the opportunity costs of our choices.
A: by constantly assessing the opportunity costs of our choices.

Q: Because of our limited money, time, and effort, we are best off when we allocate things
- by choosing what society as a whole would want.
- with the objective of maximizing output.
- by constantly assessing the opportunity costs of our choices.
A: by constantly assessing the opportunity costs of our choices.

Q: If Kendrick decides to watch t.v. instead of go to the gym, the ________ is a missed workout.
- output cost
- societal cost
- opportunity cost
A: opportunity cost

Q: If Mikael decides to go out with his friends instead of study for his biology test, what is the opportunity cost?
- better relationships with his friends
- the missed opportunity to go to the gym
- preparation for his biology test
A: preparation for his biology test

Q: Economists would say that the decisions we make are influenced by
- output costs.
- societal demands.
- trade-offs.
A: trade-offs.

Q: When decisions need to be made, economists assume a decision will be influenced by its
- output costs.
- societal demands.
- trade-offs.
A: trade-offs.

Q: Every day, 500 airplanes in San Francisco incur an additional 30 minutes of airport delays when flying into or out of the airport. In Chicago, the delays amount to 15 minutes for 1,200 airplanes. If the price of time is $30/hour in San Francisco and $20/hour in Chicago, which airport incurs the largest opportunity cost?
- Chicago
- Neither
- San Francisco
A: San Francisco

Q: Every day, 500 airplanes in San Francisco incur an additional 30 minutes of airport delays when flying into or out of the airport. In Chicago, the delays amount to 15 minutes for 1,400 airplanes. If the price of time is $20/hour in San Francisco and $15/hour in Chicago, which airport incurs the largest opportunity cost?
- San Francisco
- Neither
- Chicago
A: Chicago

Q: The advantages that society gains through trade lie in the ability to
- align output to reflect society’s preferences.
- attain absolute advantage in our trade with other nations.
- specialize resources to the uses where opportunity cost is minimized.
A: specialize resources to the uses where opportunity cost is minimized.

Q: Society gains advantages through trade because of its ability to
- align output to reflect society’s preferences.
- attain absolute advantage in our trade with other nations.
- specialize resources to the uses where opportunity cost is minimized.
A: specialize resources to the uses where opportunity cost is minimized.

Q: A nation that bans trade with other nations
- will more easily achieve specialization in production and end up consuming more.
- can refine their ability to allocate resources and therefore raise consumption.
- will be unable to specialize in what they are good at and therefore end up consuming less.
A: will be unable to specialize in what they are good at and therefore end up consuming less.

Q: If trade between nations is prohibited,
- nations will more easily achieve specialization in production and end up consuming more.
- nations can refine their ability to allocate resources and therefore raise consumption.
- nations will be unable to specialize in what they are good at and therefore end up consuming less.
A: nations will be unable to specialize in what they are good at and therefore end up consuming less.

Q: When tasks involved with producing a good or service are divided, workers and businesses
- miss out on an opportunity to specialize in their business or trade.
- produce less output than if each person or group were to complete the project alone.
- can produce a greater quantity of those goods or services.
A: can produce a greater quantity of those goods or services.

Q: If Stan’s Shoemaker Shop practices the division of labor and employees concentrate on one step of the shoe-making process, this will likely result in
- better quality shoes, but not as many will be made.
- increased production time.
- greater production output.
A: greater production output.

Q: The town of Franklin has an economy composed entirely of two equally sized specialized tire manufacturers. Both company X and company Z produce race car tires and airplane tires. Company X is better at producing race car tires than Company Z which is better at producing airplane tires. In order to maximize output, Company X should
- produce both race car tires and airplane tires on its own and sell its excess race car tires to Company Z for additional airplane tires.
- reduce its production of race car tires in order to commit resources to learn how to better produce airplane tires.
- abandon the production of airplane tires to fully specialize in the production of race car tires and then trade with Company Z for airplane tires.
A: abandon the production of airplane tires to fully specialize in the production of race car tires and then trade with Company Z for airplane tires.

Q: The town of Chester has an economy composed entirely of two equally sized food companies. Both company Q and company R produce peanut butter and jam. Company Q is better at producing jam than Company R which is better at producing peanut butter. In order to maximize output, Company R should
- produce both jam and peanut butter on its own and sell its excess peanut butter to Company Z for additional jam.
- reduce its production of peanut butter in order to commit resources to learn how to better produce jam.
- abandon the production of jam to fully specialize in the production of peanut butter and then trade with Company Q for jam.
A: abandon the production of jam to fully specialize in the production of peanut butter and then trade with Company Q for jam.

Q: Identify the macroeconomic issue among the following statements.
- The electric bill is higher this month.
- Our family business costs will rise due to higher electric rates.
- The average cost of producing electricity nationally is rising.
A: The average cost of producing electricity nationally is rising.

Q: Which topic below best applies to microeconomics?
- The unemployment rate.
- Fiscal policy.
- The price that a farmer asks for her watermelons.
A: The price that a farmer asks for her watermelons.

Q: Identify which of the following microeconomic topics can have an impact on macroeconomic topics?
- What combination of goods and services will best fit their needs and wants, given the budget they have to spend?
- What determines what prices a firm will charge?
- How do people decide how much to save for the future, or whether they should borrow to spend beyond their current means?
A: How do people decide how much to save for the future, or whether they should borrow to spend beyond their current means?

Q: Macroeconomic topics can be impacted by which of the following microeconomic topics?
- What combination of goods and services will best fit their needs and wants, given the budget they have to spend?
- What determines what prices a firm will charge?
- How do people decide how much to save for the future, or whether they should borrow to spend beyond their current means?
A: How do people decide how much to save for the future, or whether they should borrow to spend beyond their current means?

Q: Macroeconomic policies that focus on banking and interest rates or controlling the money supply are called
- fiscal policies.
- federal policies.
- monetary policies.
A: monetary policies.

Q: Macroeconomic policies that focus on government spending and taxes are considered
- monetary policies.
- federal policies.
- fiscal policies.
A: fiscal policies.

Q: A bill was introduced into Congress last year suggesting changes to the income tax code. Congress now passed this new tax reform act in the last session and over the next few years the new laws will begin to impact the nation. This is an example of what type of policy?
- macroeconomic monetary policy
- microeconomic monetary policy
- macroeconomic fiscal policy
A: macroeconomic fiscal policy

Q: Congress must vote whether to increase the government budget so as not to shut down the government this year. The vote passed and the budget ceiling has been increased to keep the government running. This is an example of what type of policy?
- microeconomic monetary policy
- macroeconomic monetary policy
- macroeconomic fiscal policy
A: macroeconomic fiscal policy

Q: The very best models have an unusual combination of characteristics. They are both
- linear and inverse.
- graphical and numerical.
- useful and simple.
A: useful and simple.

Q: What combination of model characteristics are frequently used in the most effective models?
- linear and inverse.
- graphical and can be expressed as a mathematical function.
- useful and simple.
A: useful and simple.

Q: The ability of a model to predict outcomes (accurately) is an indicator that
- the model is biased.
- the theory behind the model needs to be refined.
- the assumptions of the model are generally accurate.
A: the assumptions of the model are generally accurate.

Q: What can be assumed if a model can accurately predict outcomes?
- The model is not based on a theory.
- The theory behind the model needs to be refined.
- The assumptions of the model are generally accurate.
A: The assumptions of the model are generally accurate.

Q: When certain assumptions are used to create a model of reality, its value can be tested and determined by its ability to
- graph equations.
- produce data.
- predict outcomes.
A: predict outcomes.

Q: Once a model of reality is constructed around certain assumptions, it can be tested to determine its value in
- graphing equations.
- producing data.
- predicting outcomes.
A: predicting outcomes.

Q: A manufacturer is trying to accurately predict how many more units of a product will be purchased by their business customers if a product is discounted by 5%. What tool will assist the manufacturer to most accurately predict the purchase behavior?
- data analysis
- macroeconomic data
- mathematical equations
A: mathematical equations

Q: A company is trying to accurately predict how many more units of a product will be purchased by their customers if the product is discounted by 15%. What tool will assist the company to most accurately run this assessment?
- data analysis
- macroeconomic data
- mathematical equations
A: mathematical equations

Q: The ________ simplifies the economy into two groups, firms and households, and allows us to make predictions about economic behavior.
- the production possibilities graph
- the supply & demand framework
- the circular flow diagram
A: the circular flow diagram

Q: The ________ shows the interaction between household and firms in the goods and services market as well as in the labor market. This simplifies a complex economy, enabling economists to better observe and understand behavior.
- the production possibilities graph
- the supply & demand framework
- the circular flow diagram
A: the circular flow diagram

Q: In economics, functions often describe cause and effect. In an economic function, the variable being described on the left-hand side represents a(n) ________?
- cause
- result
- effect
A: effect

Q: Functions are often described as cause and effect in economics. In an economics function, if the variable is on the right-hand side and is doing the explaining, it represents a(n) ________?
- effect
- result
- cause
A: cause

Q: Sydney is an economist putting together an economic model to predict the outcome from particular causes and effects in the economy. What tool is best for testing out her model?
- environmental absolutes
- dialectic dialogue
- mathematical functions
A: mathematical functions

Q: If an economist is trying to predict the outcome from particular causes and effects, what is the best tool(s) for her to use in order to test out her economic model?
- environmental absolutes
- dialectic dialogue
- mathematical functions
A: mathematical functions

Q: If Sam currently studies 3 hours per week and attends class 4 out of 4 possible hours per week and had a GPA of 2.75 last semester. Using the equation Grade = (0.50 x hours spent studying) + (0.25 x class attendance) + (0.25 x prior GPA) figure out, if Sam wishes to get a 4.0, how many additional hours per week does he need to study?
- 1.25 hours
- 5.5 hours
- 2.5 hours
A: 2.5 hours

Q: If Sheila currently studies 3 hours per week and attends class 4 out of 4 possible hours per week and had a GPA of 2.0 last semester. Using the equation Grade = (0.50 x hours spent studying) + (0.25 x class attendance) + (0.25 x prior GPA) figure out, if Sheila wishes to get a 4.0, how many total hours per week does she need to study?
- 2.5 hours
- 1.25 hours
- 5.5 hours
A: 5.5 hours

Q: Charlie searched for a model and discovered one on which to base his theory. For his model he used the circular flow diagram, applied math functions to predict economic actions, and identified the economic aspects and associations used in the model. All of his actions are in line, but what has Charlie forgotten to do with his model?
- Charlie forgot to use extra mathematical functions.
- Charlie forgot to identify the relationships in action in his model.
- Charlie forgot to explain assumptions he used to simplify the model.
A: Charlie forgot to explain assumptions he used to simplify the model.

Q: Candice is using the circular flow diagram to identify a particular aspect of her economic theory for her Macroeconomics class. The actions she took was to use the circular flow diagram, apply math functions to predict economic actions, and identified the economic aspects and associations used in the model. What action has Candice forgotten to take with her model?
- Candice forgot to use more mathematical functions.
- Candice forgot to identify the relationships in action in her model.
- Candice forgot to explain the assumptions she used to simplify the model.
A: Candice forgot to explain the assumptions she used to simplify the model.

Q: Lynn sat down to calculate the economic equation, y= 12+7x18, for her economics course. What should she remember to do in order to find y?
- Start with the first variable of the equation.
- Multiple and divide from right to left.
- Follow the correct order of operations.
A: Follow the correct order of operations.

Q: In order to calculate an economic equation to understand its economic implications, what must one remember to do?
- Start with the last variable of the equation.
- Multiply and divide from right to left.
- Follow the correct order of operations.
A: Follow the correct order of operations.

Q: Given that total spending for a certain household will always include a base amount of $1000/month, and that additional spending is equal to half of any income earned, we can predict total household spending with a model y=b+mx, where
- y represents income earned.
- b = ½.
- x represents income earned.
A: x represents income earned.

Q: Given that total spending for a certain household will always include a base amount of $1000/month, and that additional spending is equal to half of any income earned, we can predict total household spending with a model y=b+mx, where
- x represents total spending.
- b represents total spending.
- y represents total spending.
A: y represents total spending.

Q: According to the order of operations in solving equations, which step should come first?
- Multiply and divide from left to right.
- Add and subtract from left to right.
- Simplify inside parentheses and brackets.
A: Simplify inside parentheses and brackets.

Q: If Cece is trying to solve an equation, which step should she take first?
- Add from left to right.
- Subtract from left to right
- Multiply from left to right.
A: Multiply from left to right.

Q: Given X = 22+10-((5/25)*100), X is ________.
- 3,180
- 31.998
- 12
A: 12

Q: Given X = 52+27-((3/15)*100), X is ________.
- 78.998
- 7,880
- 59
A: 59

Q: An equation where Y=6 could be represented on a graph where Y is on the vertical axis and X is on the horizontal axis as
- a straight line along the vertical axis beginning at the point Y=6.
- a vertical line from the origin with slope equal to 6.
- a single point (Y=6) and a horizontal line rightwards from that point.
A: a single point (Y=6) and a horizontal line rightwards from that point.

Q: An equation where X=5 could be represented on a graph where Y is on the vertical axis and X is on the horizontal axis as
- a straight line along the horizontal axis beginning at the point X=5.
- a horizontal line from the origin with slope equal to 5.
- a single point (X=5) and a vertical line upwards from that point.
A: a single point (X=5) and a vertical line upwards from that point.

Q: A graph in the xy plane with a single point at 3 on the x (horizontal) axis and a vertical line upwards from that point to infinity would be represented by the equation
- x*y=3.
- x+y=3.
- x=3
A: x=3

Q: A graph in the xy plane with a single point at 4 on the x (horizontal) axis and a vertical line upwards from that point to infinity would be represented by the equation
- x*y=4.
- x+y=4.
- x=4
A: x=4

Q: When creating a graph for your economics course, which axis is most commonly used to represent price (p)?
- Price is most commonly represented on the y-axis.
- Price is most commonly represented at the 0,0 intersection of the y and x-axis.
- Price is most commonly represented on the x-axis.
A: Price is most commonly represented on the x-axis.

Q: When creating a graph for your economics course, which axis is most commonly used to represent quantity (q)?
- Quantity is most commonly represented on the y-axis.
- Quantity is most commonly represented at the 0,0 intersection of the y and x-axis.
- Quantity is most commonly represented on the x-axis.
A: Quantity is most commonly represented on the x-axis.

Q: How would the equation where x=3 and y=4 be represented in a XY graph, and what does it say about the relationship between X and Y?
- There is a straight horizontal line on the X-axis beginning at the point x=3. A straight vertical line starts along the Y-axis originating at y=4. The relationship indicates that the value of X is not dependent on the value of Y.
- The beginning point y=4 on the Y-axis has horizontal line to the right from that point, X also has a horizontal straight line from x=3. The lines for x and y will not cross but run in parallel with each other.
- The beginning point y=4 on the Y axis has a horizontal line straight to the right, X-axis has a vertical line straight up from x=3. With the two points on the graph, there is an intersection point where the x and y will cross each other.
A: The beginning point y=4 on the Y axis has a horizontal line straight to the right, X-axis has a vertical line straight up from x=3. With the two points on the graph, there is an intersection point where the x and y will cross each other.

Q: How would the equation x=0 and y=5 be represented in a XY graph, and what does it say about the relationship between X and Y?
- The beginning point y=5 on the Y-axis has a horizontal line to the right, X-axis has a vertical line straight up from x=0. There is an intersection point where the x and y will cross each other further to the right of x=0.
- A straight line along the horizontal axis begins at the point x=0. A vertical line along the Y axis originating at y=5. It indicates that the value of X and the value of Y are always 5.
- A single point y=5 on the Y-axis has a horizontal line to the right from that point. This graph indicates that y is not dependent upon x.
A: A single point y=5 on the Y-axis has a horizontal line to the right from that point. This graph indicates that y is not dependent upon x.

Q: In the case of an inverse relationship between two variables, all else remaining constant
- the values of the two variables will move in the same direction.
- graphically, the data line representing the relationship between the variables has a positive slope.
- the value of the two variables will move in opposite directions from each other.
A: the value of the two variables will move in opposite directions from each other.

Q: In the case of an negative relationship between two variables, all else remaining constant
- the values of the two variables will move in the same direction.
- graphically, the data line representing the relationship between the variables has a positive slope.
- the value of the two variables will move in opposite directions from each other.
A: the value of the two variables will move in opposite directions from each other.

Q: In the case of a positive relationship between two variables, all else remaining constant:
- the value of the two variables will move in opposite directions from each other.
- graphically, the data line representing the relationship between the variables has a negative slope.
- the values of the two variables will move in the same direction.
A: the values of the two variables will move in the same direction.

Q: If all else remains constant and the values of two variables move in the same direction it indicates a
- negative slope relationship.
- inverse slope relationship.
- positive slope relationship.
A: positive slope relationship.

Q: If a graph data line indicates that there is a zero slope, this means there
- is no relationship between x and y.
- are two variables that are negatively related.
- is a constant relationship between x and y.
A: is a constant relationship between x and y.

Q: If a data line on a graph has a slope of zero it means that there
- is no relationship between x and y.
- are two variables that are negatively related.
- is a constant relationship between x and y.
A: is a constant relationship between x and y.

Q: If a data line on a graph slopes down as it goes to the right, it is depicting that
- as the value of one variable falls, the value of the other also falls (all else constant).
- the relationship between the variables on the axes is direct.
- the relationship between the variables on the axes is inverse.
A: the relationship between the variables on the axes is inverse.

Q: If a data line on a graph slopes upward as it goes to the right, it is depicting that
- the relationship between the variables on the axes is inverse.
- as the value of one variable falls, the value of the other also falls (all else constant).
- the relationship between the variables on the axes is direct.
A: the relationship between the variables on the axes is direct.

Q: The relationship between the circumference of a student’s head and their test scores can best be represented on a graph by
- a positively sloped line (positive relationship between head size and test scores).
- a negatively sloped line (inverse relationship between head size and test scores).
- a line with zero slope (no relationship between size of student head and test scores).
A: a line with zero slope (no relationship between size of student head and test scores).

Q: The relationship between the head size and a person’s success in playing soccer can best be represented on a graph by
- a positively sloped line (positive relationship between head size and test scores).
- a negatively sloped line (inverse relationship between head size and test scores).
- a line with zero slope (no relationship between size of student head and test scores).
A: a line with zero slope (no relationship between size of student head and test scores).

Q: From the graph above, one could conclude that, all else remaining constant
- the relationship between X and Y is indirect.
- there is a trade-off between X and Y.
- the relationship between X and Y is direct.
A: the relationship between X and Y is direct.

Q: From the graph above, one could conclude that, all else remaining constant
- the relationship between X and Y is indirect.
- the relationship between X and Y is direct.
- there is a trade-off between X and Y.
A: there is a trade-off between X and Y.

Q: According to this graph, which age group will make up most of the population in the United States in 2030?
- 19 and under
- 64 and older
- between 20-64
A: between 20-64

Q: According to this graph, which age group will experience the greatest decline in population growth between 2000 and 2030?
- 19 and under
- 64 and older
- between 20-64
A: between 20-64

Q: shows that in 1970, people 19 and under made up 77.2 million or 37.6% of the population; people between ages 20 and 64 made up 107.7 million or 52.5% of the population; and people 65 or older made up 20.1 million or 9.8% of the population. Image (b) shows that in 2000, people 19 and under made up 78.4 million or 28.5% of the population; people between ages 20 and 64 made up 162.2 million or 58.9% of the population; and people 65 or older made up 34.8 million or 12.6% of the population. Image (c) projects that in 2030, people 19 and under will make up 92.6 million or 26.4% of the population; people between ages 20 and 64 made up 188.2 million or 53.6% of the population; and people 65 or older made up 70.3 million or 20% of the population.) According to this pie chart, which age group made up almost 38% of the population in the year 1970?
- between 20-64
- 64 and older
- 19 and under
A: 19 and under

Q: shows that in 1970, people 19 and under made up 77.2 million or 37.6% of the population; people between ages 20 and 64 made up 107.7 million or 52.5% of the population; and people 65 or older made up 20.1 million or 9.8% of the population. Image (b) shows that in 2000, people 19 and under made up 78.4 million or 28.5% of the population; people between ages 20 and 64 made up 162.2 million or 58.9% of the population; and people 65 or older made up 34.8 million or 12.6% of the population. Image (c) projects that in 2030, people 19 and under will make up 92.6 million or 26.4% of the population; people between ages 20 and 64 made up 188.2 million or 53.6% of the population; and people 65 or older made up 70.3 million or 20% of the population.) According to this pie chart, which age group population has been continually shrinking since 1970?
- between 20-64
- 64 and older
- 19 and under
A: 19 and under

Q: In this time series graph, the unemployment rate fluctuates from around 4% to 10%. Given this information, if 2017 had an unemployment rate of around 4-5%, was 2017 a year where it was easier or harder to find employment than 1986 and why?
- It was easier to find work in the late 1980s than in 2017 because the unemployment rate was lower than 2017.
- Finding work was much easier in 2017 because of access to the internet and a higher unemployment rate than in 1986.
- It was more difficult to find work in 1986 because the unemployment rate was close to 6% and thus an economy worse off than the economy of 2017.
A: It was more difficult to find work in 1986 because the unemployment rate was close to 6% and thus an economy worse off than the economy of 2017.

Q: In this time series graph, the unemployment rate fluctuates from around 4% to 10%. Given this information, 1987 had an unemployment rate of around 6%. Look at the year 2015 and compare whether it was easier or harder to find employment with 1986 and why?
- It was easier to find work in the late 1980s than in 2015 because the unemployment rate was lower than 2015.
- It was more difficult to find work in 1986 because the unemployment rate was close to 6% and thus an economy worse off than the economy of 2015.
- Finding work was equally as effortful in 2015 as it was in 1986 because both of those years had economic conditions where unemployment was around 6%.
A: Finding work was equally as effortful in 2015 as it was in 1986 because both of those years had economic conditions where unemployment was around 6%.