How confident are you that you understand the Arizona economy? For numeric answers a correct response is within about a 5 percent band of the correct value. This test of your economic knowledge was administered at the annual economic outlook luncheon hosted by the W. P. Carey School's Economic Club of Phoenix. Answers follow -- and no peeking!
1. Arizona cycles follow the U.S. economy. In a national survey of economists, what percentage believe the recession will end by Q4 2009?
2. At this time in 2006 Arizona ranked first among all states in the rate of employment growth. What is Arizona’s rank today vs. all states in year-over-year rate of job growth?
3. Metro Phoenix single family building permits peaked at 57,000 in 2004. What is the consensus forecast for number of permits in 2009?
4. According to ADOT (Arizona Department of Transportation), the largest single maintenance expense for urban freeways is landscaping; what is the average landscaping cost per freeway mile per year?
5. In tax year 1995, the average filers who reported Federal adjusted gross incomes between $75k and $100k paid about $2700 in Arizona individual income taxes. In 2007, the average filer in this income bracket paid how much?
6. Effective Corporate tax rates in the US are about 33 percent. What are effective corporate tax rates in Sweden?
7. AHCCCS (Arizona Health Care Cost Containment System) expenditures in Arizona were $476m in FY 1999. What were appropriated AHCCCS expenditures in FY 2009?
8. What percentage of expenses in AHCCCS goes to pay for illegal aliens?
9. In FY 2006, the sum of individual income, corporate income, and sales tax collections accounted for $1600 per capita. On an inflation adjusted basis, how much will per capita revenue from these “big 3” sources be in FY 2009?
10. In FY 1999 the General Fund appropriation for universities was $728m and for the Department of Corrections, $512m. In FY 2009 GF budget, the revised appropriation for corrections is about $926m. What is the revised appropriation for universities?
Bonus Question: Saving as a percent of disposable personal income rose to 4.2 percent in Q1 2009 and is expected to continue to increase. When is the last year the saving rate was greater than 5 percent?
1. 96 percent
6. 13 percent
7. $1.425 billion
8. 2 percent
9. $1,060 per capita
10. $939 million