Real World Graduation, Question 56: Roe v. Wade

RealWorldGraduation_Question_56_Roe_v_Wade  <– PDF

The Supreme Court legalized abortion nationwide in 1973 in a ruling called the Roe v. Wade decision. Since then, many people who are opposed to abortion have been trying to get either a) the Supreme Court to reverse itself and overturn Roe v. Wade, or b) have the U. S. Congress pass legislation to negate the ruling.  If the Supreme Court or Congress simply overturned or negated the Roe v. Wade decision, i.e., as though the decision had never been handed down, what would be the net effect?

a) It would be illegal for anyone to be in favor of abortion rights

b) Women could be prosecuted under existing federal law for having an abortion

c) Doctors who performed abortions could be tried for murder under existing federal law

d) Women would be required to report pregnancy to the federal government so they could be monitored until giving birth

e) Both b) and c).

(The answer is on p. 2 of the PDF.)

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Real World Graduation, Question 55: The Tax Code

RealWorldGraduation_Question_55_TaxCode   <– PDF

A man has earned income in a certain year. He took the “standard deduction” on his federal “gross income” tax, and as a result, his “taxable income” is taxed at 25%.  If he had made a $100 “tax-deductible” contribution that year, how much would his federal tax have changed?

a) “Tax deductible” refers only to state taxes, so his federal tax would remain unchanged.

b) His tax would have been reduced by $100.

c) The “tax deduction” only applies in the following year, so he would get a reduction next year, not now; his tax for the current year is unchanged.

d) His tax would be 25% of his gross income less the $100, or the amount previously calculated, whichever is less.

e) His total tax is 25% of $100 = $25.

(The answer is on p. 2 of the PDF.)

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RealWorldGraduation_Question_54_PledgeOfAllegiance   <–  PDF

In 1892, in preparation for the celebration of the 400th anniversary of Columbus’ discovery of America, a magazine in Boston called The Youth’s Companion published a “pledge to the flag” to be recited by schoolchildren.  It is believed to have been written either by Francis Bellamy or James Upham.  The pledge has undergone several revisions in the years since; it currently reads:

“I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with justice and liberty for all.”

Although it was originally devised for schoolchildren, it was eventually adopted in 1942 as part of the United States Flag Code (U. S. C. Title 36). What is the purpose of such a pledge?

a) To inspire people to be proud of living in a nation that has liberty and justice for all

b) To emphasize that only people who believe in God can be Americans

c) To remind people that America cannot be divided

d) To confirm that the people are the ultimate sovereign in America

e) A combination of a), c), and d)

(The answer is shown on p. 2 of the PDF.)

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Real World Graduation: Question 53: Rising Debt

RealWorldGraduation_Question_53_Rising_Debt   <– PDF

A certain man has a steady job and earns a good income. However, he likes to spend more than he makes.  In fact, he has no savings or assets, and he spends about 10% more than he earns every year.  At first he financed his excesses by running up large balances on his credit cards.  Then, when they were at their maximum, he opened up new accounts, paid off the old accounts, and continued to run up debt on the new accounts.  He eventually had to stop paying on the principal he owes, and is now only paying the current monthly interest due (although the principal keeps rising due to his continued spending).  Over time, he earns more income, but continues to spend about 10% more than he earns, year in and year out.  What is his long-term financial outlook?

a) Gradually, the effect of inflation, in which each new dollar has less buying power, will serve to reduce the true debt and he will then be able to pay it off.

b) In the long run, his real income after inflation will continue to rise, and he will be able to grow his way out of debt.

c) He has purchased a number of things with the debt, and can sell them when he needs to in order to pay off the debt.

d) He will be able to borrow indefinitely, since the creditors realize that they may lose what he already owes them if they force him into bankruptcy.

e) Some combination of two or more of the above.

(The answer is on p. 2 of the PDF.)

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Posted in critical thinking, Economics, national debt, Real World Graduation | No Comments »