Quick quiz

1) From Russell Roberts (no relation):

What proportion of the American labor force earns the minimum wage or less and what is the standard of living of the average American today relative to 100 years ago?

2) If you placed

one penny on the first square of a chess board, two pennies on the second square, four on the third, etc.

and kept doubling the pennies on the next square, how much would you have after doubling the pennies on the 63rd (the next-to-last) square of the chessboard?
3) Are disasters good for the economy?
You can click “Read More >>” after jotting down your answers …

1) Less than 3% of the American population earns the minimum wage or less, and “the average American is at least five and maybe 30 times better off than we were in the good old days.” That’s 500% to 3000% better off … “Knowledge Deficit,” Econoblog, The Wall Street Journal, September 21, 2005
2) The power of compounding means you’d end up with $92,000,000 billion … and that’s real money, even in Washington … it’s also why you want to start saving early in your working life … “Economic Growth,” by Paul M. Romer, The Library of Economics and Liberty
3) As Martin Wolk and Bob McTeer explain, those who answer “Yes” are succumbing to Frédéric Bastiat’s “fallacy of the broken window.”