Transcript Econ review quizzo

Econ Quizzo
Part 1
Mr. Holmes
December 11, 2012
Round 1
1. This is spending that the government MUST
do.
2. Finish the sentence: State spending will
________ with local spending to pay for
education.
3. Besides the state, local governments get their
money from _________________.
4. This tax means it increases as your income
bracket goes up.
5. The fiscal year starts ____ and ends ______.
Answers – Round 1
1.
2.
3.
4.
5.
Mandatory
Subsidize
Property Taxes
Progressive
Oct. 1/Sept. 30
Round 2
1. This is the only state where they do not HAVE
to balance the budget.
2. When a business makes more money than it
spends, this is a result.
3. Company A is offering $94 for every $56
invested. Company B is offering $114 for
every $83 invested. Who has the higher
benefit-cost analysis?
4. Taxes that stay the same percentage
regardless of your income level is _________
5. Laissez-faire means what in capitalism?
Answers – Round 2
1.
2.
3.
4.
5.
Vermont
Surplus
A (1.67)
Proportional
Hands-Off
Bonus
1. When the federal government gives money to
the state government OR the state
government gives money to the local
government, what is this an example of?

Intergovernmental Revenue
Round 3
1. State governments use this to raise revenue
in their state.
2. National defense and highways are an
example of this type of spending.
3. This type of stock market shows investors do
not have much confidence in the economy.
4. Why do we not pay the same amount as our
grandparents for items?
5. The government will pass these to break up
monopolies.
Answers – Round 3
1.
2.
3.
4.
5.
Sales Tax
Discretionary Spending
Bear market
Inflation
Anti-trust laws
Round 4
1. Only ______ goods are counted towards
GDP.
2. The government taxes you less as your
income grows.
3. The rise and fall of business(es) is called
_______________ by economist.
4. The government will do this when there is an
unsafe product on the market.
5. Legal responsibility for something such as an
action or a debt. What is this?
Answers – Round 4
1.
2.
3.
4.
5.
Final
Regressive Taxes
Business Cycle
Recall
Liability
1.
2.
Round 5
An item that is consumed by more than 1 person is defined
as…
What could go at letter A on the chart?
A
3.
4.
5.
What are the 4 parts of demand?
In a command system, who sets the prices?
I bought a cupcake for .36 and sold it for $1.59. What is my
profit?
Answers – Round 5
1.
2.
3.
4.
5.
Public Good
Money
Amount, Willing to Buy, Able to Buy, Price
The Government
$1.23
Econ Quizzo
Part 2
Mr. Holmes
December 11, 2012
Round 1
1.
2.
3.
4.
5.
In this economy, the economic questions are
answered by trading.
In this economy, the government answers the
economic questions.
What are the 4 parts of demand?
When the stock market is a _____ market,
investors have confidence in the economy.
A PS4 would be an example of a ____ good.
Answers – Round 1
1.
2.
3.
4.
5.
Traditional
Command
Amount, Willing to Buy, Able to Buy, Price
Bull
Private
Round 2
1.
2.
3.
4.
5.
In this economy, business owners make all of the
decisions.
Company A is offering $75 for every $36 invested.
Company B is offering $114 for every $57 invested.
Company C is offering $1,000 for every $675
invested. Which company should I go with?
A firehouse is an example of what type of good.
When a business makes more money than it spends,
this is a result.
What is another way that the government tracks
how its citizens are doing? (Other than GDP)
Answers – Round 2
1.
2.
3.
4.
5.
Market
Company A
Public
Surplus
Prices/Unemployment Rate
Calculate GDP – Round 3
Country A
40,000 @
$218 each
1,189 @
$187each
10,746 @
$42 each
40,948
Country B
98,420 @
$189 each
15,054 @
$97 each
167,147 @
$56 each
162,072
Country C
44,805 @
$107 each
7,483 @
$148 each
42,809 @
$51 each
90,711
Country D
168,112 @
$120 each
7, 010 @
$97 each
55,565 @
$75 each
2,000,047
Country E
50 @
$112 each
23, 281 @
$101 each
217, 594 @
$37 each
Country F
18,000 @
$110 each
15,704 @
$89 each
157,153 @
$48 each
338,917
Country G
25,000 @
$168 each
17,798 @
$109 each
108,647 @
$20 each
980,742
Country H
100 @
$75 each
20,748 @
$112 each
200,700 @
$35 each
1,328,000
Country I
5,187 @
$45 each
7,021 @
$104 each
4,198 @
$90 each
56,923
Country J
2,789 @
$67 each
9,156 @
$84 each
2,345 @
$12 each
93,428
128,614
Round 3
1.
2.
3.
4.
5.
Which country had the highest GDP?
Which country had the lowest GDP per capita?
Which country had the lowest GDP?
Which country had the highest GDP per
capita?
The government will pass these to break up
monopolies.
Answers – Round 3
1.
2.
3.
4.
5.
B
H
J
A
Anti-trust laws
Round 4
1.
2.
3.
4.
5.
Only ______ goods are counted towards GDP.
In this business system, I have no liability as
a business owner/leader.
What are the 3 types of resources?
These are costs that NEVER change for a
business.
Legal responsibility for something such as an
action or a debt. What is this?
Answers – Round 4
1.
2.
3.
4.
5.
Final
Corporation
Natural, Labor, Capital
Fixed
Liability
1.
2.
Round 5
An item that is consumed by 1 person is defined as…
What could go at letter A on the chart?
A
3.
4.
5.
What are the 4 parts of demand?
In this market, investors like the way the economy is going.
Scott Jean runs a store that sells Mitt Romney bobble head
dolls. It cost him $1.78 to make each one and he sells
them for $5.25. What is his revenue and his profit?
Answers – Round 5
1.
2.
3.
4.
5.
Private Good
Business (Corporation)
Amount, Willing to Buy, Able to Buy, Price
Bull Market
$5.25/$3.47
Round 6
1.
2.
3.
4.
5.
This type of stock market shows investors do
not have much confidence in the economy.
Why do we not pay the same amount as our
grandparents for items?
The government will pass these to break up
monopolies.
Only ______ goods are counted towards GDP.
The rise and fall of business(es) is called
_______________ by economist.
Answers – Round 6
1.
2.
3.
4.
5.
Bear market
Inflation
Anti-trust laws
Final
Business Cycle
Round 7
1.
2.
3.
4.
5.
The government will do this when there is an
unsafe product on the market.
Legal responsibility for something such as an
action or a debt. What is this?
An item that is consumed by more than 1
person is defined as…
In a command system, who sets the prices?
I bought a cupcake for .36 and sold it for
$1.59. What is my profit?
Round 7 Answers
1.
2.
3.
4.
5.
Recall
Liability
Public
Government
$1.23