The Servant Economy by Jeff Faux

Book Title: The Servant Economy, Where America’s Elite is Sending the Middle Class
Author: Jeff Faux
ISBN: 978-0-470-18239-0

Go to Questions
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Answers to Reading Comprehension Questions

1. A) The dream of the business elite for subsidized, unregulated capitalism  B) The dream of the political elite for global hegemony  C) The dream of the people for a steadily rising standard of living (page 5)
2. Western Europe and Canada (page 12)
3. The United States and Britain (page 12)
4. True (page 12)
5. True (page 12)
6. Britain (page 22)
7. high tariffs (page 23)
8. Henry Clay (page 23)
9. conflict over trade (page 24)
10. 20 million (page 24)
11. 200,000 (page 25)
12. A) Homestead Act  B) Pacific Railroad Act (page 25)
13. The Act subsidized the construction of railroad and telegraph lines (page 25)
14. Gave free land to those who would settle the new territories (page 25)
15. The Railroad Act (page 25)
16. A) reduced the cost of goods  B) helped create the U.S. steel industry (page 26)
17. Santa Clara County v. Southern Pacific Railroad Co. (page 27)
18. True (page 27)
19. One, six, sixteen (page 28)
20. 65% (page 32)
21. 15 times (page 32)
22. The Act established the 8 hour workday in construction (page 34)
23. 8% (page 39)
24. 19% (page 39)
25. 27% (page 39)
26. A) highways  B) public schools  C) space exploration (page 39)
27. Loans so they can purchase consumer and capital goods (page 41)
28. The British (page 41)
29. The British (page 41)
30. World War 1 (page 41)
31. True (page 41)
32. False (page 41)
33. 44.7 (page 44)
34. 39.1 (page 44)
35. 42.5, 41.5 (page 48)
36. Britain (page 55)
37. Mohammad Mossadegh (page 55)
38. He nationalized British oil interest (page 55)
39. He was ousted by the C.I.A. (page 55)
40. Yom Kippur War (page 55)
41. The Arab states (page 55)
42. The Organization of Petroleum Exporting Countries (OPEC) (page 56)
43. No, the western oil companies (page 56)
44. Arab states (page 56)
45. The Arab states (page 56)
46. Each generation of workers pays taxes to finance the payments to the retiring generation (page 72)
47. President Clinton (page 73)
48. 26% (page 75)
49. A) The North American Free Trade Agreement (NAFTA)   B) The World Trade Organization Treaty  C) Permanent Normal Trade Relations Agreement (page 75)
50. 1994 (page 75)
51. 1995 (page 75)
52. 2000 (page 75)
53. 48% (page 77)
54. making (page 77)
55. True (page 77)
56. guessing (page 84)
57. Bucky and Herbert Hunt (page 85)
58. True (page 86)
59. About $600 million (page 87)
60. $1 billion (page 87)
61. less than 2 years (page 87)
62. The Glass-Steagall Act (page 89)
63. 140 (page 95)
64. They are bets on price default rate of loans held by other people (page 99)
65. The Credit Default Swaps estimated at around $45.5 trillion (page 100)
66. 22% (page 105)
67. 52% (page 105)
68. 80% (page 105)
69. True (page 105)
70. 9.5% (page 105)
71. Troubled Asset Relief Program (page 132)
72. Radio Corporation of America (page 141)
73. long range radio, True (page 141)
74. China (page 142)
75. 12.4% (page 159)
76. 1% (page 163)
77. True (page 163)
78. True (page 163)
79. True (page 164)
80. A) free markets  B) OPEC  C) Federal Government (page 164)
81. Late 1850s (page 176)
82. True (page 176)
83. A) The Republican and Democratic Parties have set roadblocks  B) Small parties can’t accumulate legislative seats  C) media’s coverage of political parties  D) The two main political parties are different enough that voters won’t risk voting for a new party (page 177)
84. The Center (page 177)
85. No (page 177)
86. True (page 177)
87. Hedge funders, leverage buyout artists, and financial fixers (page 177)
88. Citizens United vs Federal Election Commission 2010 (page 178)
89. Independent Political Action Committees (page 179)
90. True (page 179)
91. Open (page 180)
92. Federal Election Commission (page 180)
93. The U.S. (page 188)
94. The U.S. (page 188)
95. The Pentagon (page 192)
96. The Pentagon (page 192)
97. China (page 194)
98. FARC (page 195)
99. A) U.S. Armed Forces  B) CIA  C) DEA (page 195)
100. $25-35 billion (page 195)
101. 7th in the world (page 202)
102. 12th in the world (page 202)
103. $16,000 a year (page 202)
104. $30,000 a year (page 202)
105. 23rd (page 203)
106. 31st (page 203)
107. 74% (page 205)
108. 23% (page 205)
109. 3% (page 205)
110. Yes (page 205)
111. Yes (page 205)
112. doctors (page 206)
113. 1/3 (page 207)
114. Kaplan, test preparation service (page 209)
115. The decision to move jobs back to the U.S. from Asia (page 214)
116. $30 billion (page 215)
117. Brazil, Russia, India, and China (page 217)
118. 7% (page 224)
119. A) becoming heavy drinkers  B) have depressed  C) personalities  D) being physically disabled  (page 224)
120. The death of a spouse (page 224)
121. The percentage of their child being held back a grade (page 225)
122. $45,000 for a family of four (page 226)
123. True (page 227)
124. A) accommodating  B) pleasing  C) you are the product  D) make yourself attractive (page 232)
125. Same as answer #124 (page 232)
126. 9 billion (page 249)