Quantum Windbag
Gold Member
- May 9, 2010
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A quick pop quiz to test how much you actually know about the economy. Not to worry, it is only 3 questions, and no one is actually going to check your answers, just make a note of them for when you read the article.
Now that you have answered the questions here is an article to explain just how wrong you are. I should admit up front that I got 2 of these questions wrong by a significant percentage, and only got the third because I have been arguing for a long time that everyone is wrong about it.
3 Misconceptions That Need to Die (WMT, X)
- What percentage of consumer spending goes to products made in China?
- What percentage of out national debt is held by China?
- What percentage of our oil comes from the Middle East?
Now that you have answered the questions here is an article to explain just how wrong you are. I should admit up front that I got 2 of these questions wrong by a significant percentage, and only got the third because I have been arguing for a long time that everyone is wrong about it.
Here are three misconceptions that need to be put to rest.
Misconception: Most of what Americans spend their money on is made in China.
Fact: Just 2.7% of personal consumption expenditures go to Chinese-made goods and services. 88.5% of U.S. consumer spending is on American-made goods and services.
Misconception: We owe most of our debt to China.
Fact: China owns 7.8% of U.S. government debt outstanding.
Misconception: We get most of our oil from the Middle East.
Fact: Just 9.2% of oil consumed in the U.S. comes from the Middle East.
3 Misconceptions That Need to Die (WMT, X)
- 2.7% The fact is that 88.5% of consumer spending goes to American made goods.
- 7.8%