What do you know? Annual Arizona economics quiz

May 07, 2011

  

Fifth Annual Arizona Economic Confidence Quiz
 
The Economic Confidence Quiz has become a tradition at the annual mid-year Economic Outlook Luncheon hosted by the W. P. Carey School's Economic Club of Phoenix. Here's your chance to test your economic acumen. How confident are you that you understand background facts on economic issues? The answers are at the bottom of the page. 
 
1. In 2010, Arizona ranked 49th   in percent change in employment. What state ranked 50th?
  • California  
  • Florida 
  • Michigan
  • Nevada 
  • Texas
2. Arizona ranks 16th in population. In 2020 Arizona will likely rank:
  • 17th
  • 15th
  • 13th
  • 11th

3. Arizona taxable retail sales collections reached their all time high in the first quarter of 2007. If collections grow at the average "pre bubble" growth rate, the Q1 2007 level will be eclipsed in:

  • Q1 2013
  • Q1 2014
  • Q1 2015
  • Q1 2016
  • Q1 2017
 
4. In 2006 Arizona taxpayers with gross income over $200,000 paid over 48 percent of all permanent resident taxes. In 2009 this group paid what percent of the total?
  • 24 percent
  • 44 percent
  • 64 percent
  • 84 percent
5. In 2007 the number of total 65 and over exemptions reported by taxpayers with a million dollars or more in adjusted gross income peaked at about 2000 filers. In 2009 this number was just over:
  • 1200
  • 1000
  • 800
  • 600
  • 400
6. U.S. manufacturing employment was up by 186,000 jobs in the first quarter. What was the last year that U.S. manufacturing employment grew for the year as a whole?
  • 1978
  • 1985
  • 1998
  • 2005
7. Match these 2010 figures for "public debt as a percent of GDP" with the correct country.
Percentages: 34 percent   10 percent   59 percent   79 percent    226 percent   (one of these is also world average)
Country: Canada __   Germany __   Japan __   Russia ___   US __    World Avg. ___
 
8. The Congressional Budget Office projects the 2011 deficit will be $1.5 trillion, or about 10 percent of GDP. Under tax and spending policies as specified in current law, the CBO projects that the budget deficit in 2015 as a percent of GDP will be:
  • 3 percent
  • 30 percent
  • 60 percent
  • 110 percent
9. Bonus Question: How many of the Dow Jones 30 stocks have more international than U.S. domestic revenue? (margin of error allowed is 2).
 
 
Scoring: 10 points possible. Correct answer is 1 point, Bonus Question counts double. Contestant with highest score at each table commandeers desert from player with lowest score.
 
 
 
Answers
1. Nevada
 
2. 13th
 
3. Q1 2014
 
4.  24 percent and $550 million, down from $1.6 billion
 
5. 800
 
6. 1998
 
7.  Canada 34 percent; Germany 79 percent; Japan 226 percent; Russia 10 percent; U.S.   59 percent; world average 59 percent.
 
8. 3 percent
 
9. Bonus Question: 17   (will accept 15 – 19 for margin of error of 2)
 
(10 points possible, each question counts 1 and bonus counts 2)
 
Sources: Questions 1 and  6: U. S. Bureau of Labor Statistics; question 2: W. P. Carey School of Business; questions 3, 4, 5: Arizona Department of Revenue and W. P. Carey School of Business; question 7: CIA World Factbook; question 8: Congressional Budget Office baseline projections; question 9, individual firm 10-K filings and annual reports.