1) ) The United States government agreed to raise the federal debt limit last week. Per the agreement, the debt limit will increase by approximately how much by the end of the year?
c) 1 trillion
As a result of the increase, the government should not have to consider raising the debt ceiling again until 2013, after the next round of federal elections. The exact amount of the increase will be determined by Congress later in the year.
https://www.cnn.com/2011/POLITICS/08/02/debt.talks/index.html?iref=obnetwork
2) As part of the debt limit deal, the government enacted approximately what amount in immediate spending cuts?
a) 900 billion
The $900 billion in cuts include approximately $420 billion in cuts to national security and is accompanied by an immediate $900 increase in the debt limit. A second round of cuts will take effect later in the year and will be accompanied by a commensurate increase in the debt limit. Specifically, Congress will vote in November on a set of spending cuts recommended by a bipartisan commission. If Congress votes no on the recommendations, then automatic “across the board” cuts will kick in.
https://www.cnn.com/2011/POLITICS/08/02/debt.talks/index.html?iref=obnetwork
3) As part of the debt limit deal, the government agreed to what amount in new revenues?
a) 0
In an effort to reduce the federal debt, President Obama and Congressional Democrats wanted to either raise income tax rates on the wealthiest Americans or close various tax loopholes as part of the debt limit deal. House Republicans, however, refused to support any type of revenue enhancement, preferring to reduce the debt through spending cuts alone. Democrats were, however, able to protect Social Security and Medicare benefits from the coming pending cuts. Furthermore, the “Bush” income tax rate cuts are scheduled to expire automatically in 2013.
https://www.cnn.com/2011/POLITICS/08/02/debt.talks/index.html?iref=obnetwork
4) The Dow Jones Industrial Average (a composite value of 30 of the top selling stocks) dropped how many points on Thursday?
b) 512 points
Thursday was the single worst day for the stock market since the financial meltdown of 2008. Most believe that the drop occurred as the result of investor concerns about a global financial slowdown. Stocks fluctuated wildly on Friday but finished up 61 points by the end of the day.
https://money.cnn.com/2011/08/04/markets/markets_newyork/index.htm
5) What Mexican businessman, the world’s richest man, lost $8 billion last week in the stock market?
d) Carlos Slim
Slim, who made his fortune in the telecommunications industry, still has a portfolio valued at $63 billion. Most of his losses are attributable to an overall drop in the Mexican stock market.
6) What credit agency lowered the United States' bond ratings to AA plus from AAA last week?
c) Standard & Poor’s
Moody’s and Fitch decided not to downgrade the American credit rating. S&P’s downgrade was the result of the country’s current debt level, and S&P’s dissatisfaction with the substance of (and the process of reaching) the recent debt limit deal. It was later discovered that S&P made mathematical errors in reaching their conclusion, but S&P stuck by the downgrade regardless.
7) Forbes magazine recently named what school as the best undergraduate institution in America?
d) Williams College
This was the second year in a row that Williams came out on top. Forbes uses different criteria to rate schools than US News and World Report. https://www.dailyfinance.com/2011/08/03/williams-college-trumps-ivy-league-on-forbes-top-colleges-list/
8) What TV network celebrated its 30th birthday last week?
a) MTV
MTV’s first video was Video Killed The Radio Star by The Buggles.
https://www.guardian.co.uk/tv-and-radio/tvandradioblog/2011/aug/01/mtv-30-years
9) President Obama celebrated a birthday last week. How old is he?
b) 50
Obama is still likely to be the youngest candidate in the presidential campaign, unless 47 year old Sarah Palin throws her hat in the ring.
10) Marvel Comics recently introduced a superhero who is half-black, half-Hispanic. Who is he?
c) Spider-man
The new Spider-Man, Miles Morales, takes over for Peter Parker who died in the June issue.
https://www.usatoday.com/life/comics/2011-08-01-black-spider-man_n.htm