Quantitative Literacy Test?

Here is a Quantitative Literacy Test for ya...

1. The following ballot initiative appeared before Colorado voters in 1992:
Shall there be an amendment to the Colorado constitution to prohibit the state of Colorado and any of its political subdivisions from adopting or enforcing any law or policy which provides that homosexual, lesbian, or bisexual orientation, conduct, or relationships constitutes or entitles a person to claim any minority or protected status, quota preferences, or discrimination?
What does a yes vote mean?
2. Suppose that the United States government decided to institute a national lottery, the proceeds of which would be used to retire the federal debt (which can be taken to be $7 trillion). Assume that the lottery could raise $50 million each week after expenses and prizes. How long would it take to pay off the federal debt assuming that the budget is exactly balanced every year in the future?
3. You’ve been charging your school expenses to a credit card, and have built up a balance of $5,000. Your credit card charges an annual interest rate of 18%. Assume you charge nothing more to your credit card.
a. At this rate, what is your monthly payment for interest only?
b. Suppose the credit card requires that you make minimum monthly payments of $70. With minimum payments, how long will it take you to pay off the balance?
4. At the local Video Station, you pay a total of $15.50 for a DVD, after taxes. Assuming a local sales tax rate of 7.5%, what is the retail (before-tax) price of the DVD?
5. You have a fair coin, which means the chance of getting a head on a single toss is 1/2. Suppose you toss the coin 10 times and get 10 tails in a row. Is the probability of getting a head on your next toss more than, less than, or equal to 1/2? Explain.
6. Last year, it was bad news: the value of your investments plunged by 50%. This year was much better: your investments increased in value by 75%. Over the two-year period, have you gained or lost? Explain.
7. An election features three candidates: Smith, Jones, and Webb. Among the actual voters, Webb is by far the most disliked candidate; in fact, 60% of the voters oppose his election. Is it still possible for Webb to win? Explain.
8. A high school tests all athletes for drug use, using a drug test that is 98% accurate. That is, it correctly gives a positive result for 98% of the drug users who are tested, and it correctly gives a negative result for 98% of the nonusers who are tested. Suppose that 1,000 athletes take the test, and 50 of these athletes are actually using drugs. What percentage of the positive tests are false positives (nonusers who test positive)?
9. The world population is currently about 6 billion and increasing at a rate of 1.3% per year. If this rate remains constant, how long will it take the population to double in size? At this rate, estimate the world population in the year 2100.
10. Suppose you are visiting an Italian market and see tomatoes priced at 3.20 Euros per kilogram. Assume that 1 kilogram = 2.2 pounds and that the current exchange rate is $1 = 0.9 Euros. What is the price of the tomatoes in dollars per pound?
11. You purchase 10 tickets for a lottery in which the probability of winning any prize on a single ticket is 1 in 10.
a. What is the probability that you’ll have at least one winning ticket among the 10 tickets?
b. What is the probability that all 10 tickets are losers?
12. The figure below shows the increase in tuition at public and private colleges and universities between 1987 and 1995. The increase in the consumer price index (CPI) over the same period is also shown.
a. In what year between 1987 and 1995 was the tuition at public schools the greatest? Explain.
b. Which increased more between 1987 and 1995, tuition at private schools or the cost of living? Explain.
c. Have there been any years in which tuition decreased at either public or private colleges? Explain.