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Economics Fact or Fiction Honors Economics Name: ____________________ 1. Rank the following countries by the size of their economies. a. China, Japan, Germany, United States, France 2. T/F – the size of our economy is due mostly to our advanced level of technology 3. T/F – If California were a country, it would be the 9th largest world economy 4. Rank the following states by the size of their economies. a. Texas, New York, Illinois, Florida, California 5. T/F - California and Texas are the richest states in the Union 6. Rank the following states by their per capita income. a. Alaska, Illinois, Maryland, Mississippi, New Jersey, West Virginia 7. Rank the following states based on where it costs the most to live a. Alaska, California, Connecticut, Hawaii, Oklahoma, New York 8. T/F – Some unemployment can be good. 9. T/F – a high GDP means the economy is very strong. 10. T/F – Inflation hurts the average person the most and must be stopped. 11. T/F – on average, every American produces over $50,000 per year towards our GDP. 12. Rank these countries by their per capita income. a. Australia, Canada, China, Germany, Japan, Mexico, United Kingdom 13. What countries have the highest per capita income? 14. What countries have the lowest per capita income? 15. T/F – Our US GDP is still growing faster than any other country. 16. T/F – Women now comprise over half our workforce. 17. T/F – Most American workers work in production type jobs. 18. T/F - ¼ of all American workers work on farms across the country. 19. T/F – The number of teenagers working our economy is increasing. 20. T/F - The government spends most of its money on national defense. 21. Rank the following countries by the size of their average personal tax rate. a. Belgium, Germany, Great Britain, Greece, Japan, Mexico, United States, Sweden 22. T/F - Currently the rich are taxed as high as they have ever been in American History. 23. T/F – The government’s biggest source of income is the personal income tax. 24. If a company were to charge $100 for an average item to sell, what amount of that $100 goes back to the company as profits?