Most of the questions were reasonable, though a couple may have been disputed based on theory versus fact. Definitions are reasonable, as are historical facts; but observations in line with theory may be disputable. For example,
International trade and specialization most often lead to which of the following?While I agree with the answer, and it could be argued that observations have confirmed this, economists of other schools may dispute it.
- an increase in a nation’s productivity
- a decrease in a nation’s economic growth in the long term
- an increase in a nation’s import tariffs
- a decrease in a nation’s standard of living
The average result was 49%, with US college educators (university lecturers) averaging 55%. I managed 88% (29/33) despite its heavy US focus. This seems a little concerning for US education.
My incorrect answers were:
- What part of the [US] government has the power to declare war?
- What was the main issue in the debates between Abraham Lincoln and Stephen A. Douglas in 1858?
- Which of the following fiscal policy combinations has the federal government most often followed to stimulate economic activity when the economy is in a severe recession?
- If taxes equal government spending, then:
If taxes equal government spending, then:I answered 1, zero debt. I was assuming that the government had no debt prior to this. And #1 seems reasonable unless the government has a significant other incomes (such as mines). 2 is incorrect. 3 might happen to be true, but not because of the question. 4 is supposedly correct. 5 is incorrect.
- government debt is zero
- printing money no longer causes inflation
- government is not helping anybody
- tax per person equals government spending per person on average
- tax loopholes and special-interest spending are absent
Option 4 doesn't seem to be correct; again if the government has other incomes, but also taxes from companies means that government spending per person may differ from tax per person. I still think (assuming no debt prior) that answer 1 is better, though I am happy to be corrected.