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Puzzler: Economic numbers that people often get wrong

Write down your answers to the three questions below. Then click on the link for our explanation.

1. What percentage of the U.S. federal budget is spent on non-military aid to developing countries? Answer

2. What percentage of American adults over the age of 25 hold a college degree? Answer

3. Assume that Joe and John are two neighbors with similar family situations. Joe earns $50,000 per year, and John earns $100,000 per year. Joe pays $5,000 per year in taxes. In your personal opinion about the nature of a fair tax system, what amount do you feel John should pay in taxes?

  1. Less than $5,000
  2. $5,000
  3. more than $5,000, but less than $10,000
  4. $10,000
  5. more than $10,000

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