Econ Quizzo Part 1

Econ QuizzoEcon QuizzoPart 1Part 1Mr. HolmesMr. Holmes

December 11, 2012December 11, 2012

Round 1Round 11.1. This is spending that the government MUST This is spending that the government MUST

do.do.

2.2. Finish the sentence: State spending will Finish the sentence: State spending will ________ with local spending to pay for ________ with local spending to pay for education.education.

3.3. Besides the state, local governments get their Besides the state, local governments get their money from _________________.money from _________________.

4.4. This tax means it increases as your income This tax means it increases as your income bracket goes up.bracket goes up.

5.5. The fiscal year starts ____ and ends ______.The fiscal year starts ____ and ends ______.

Answers – Round 1Answers – Round 11.1. MandatoryMandatory

2.2. Subsidize Subsidize

3.3. Property TaxesProperty Taxes

4.4. ProgressiveProgressive

5.5. Oct. 1/Sept. 30Oct. 1/Sept. 30

Round 2Round 21.1. This is the only state where they do not HAVE This is the only state where they do not HAVE

to balance the budget.to balance the budget.2.2. When a government makes more money than When a government makes more money than

it spends, this is a result.it spends, this is a result.3.3. Company A is offering $94 for every $56 Company A is offering $94 for every $56

invested. Company B is offering $114 for invested. Company B is offering $114 for every $83 invested. Who has the higher every $83 invested. Who has the higher benefit-cost analysis?benefit-cost analysis?

4.4. Taxes that stay the same percentage Taxes that stay the same percentage regardless of your income level is _________regardless of your income level is _________

5.5. Laissez-faire means what in capitalism?Laissez-faire means what in capitalism?

Answers – Round 2Answers – Round 2

1.1. VermontVermont

2.2. SurplusSurplus

3.3. A (1.67)A (1.67)

4.4. ProportionalProportional

5.5. Hands-Off Hands-Off

BonusBonus1.1. When the federal government gives money to When the federal government gives money to

the state government OR the state the state government OR the state government gives money to the local government gives money to the local government, what is this an example of?government, what is this an example of?

Intergovernmental RevenueIntergovernmental Revenue

Round 3Round 3

1.1. State governments use this to raise revenue State governments use this to raise revenue in their state.in their state.

2.2. National defense and highways are an National defense and highways are an example of this type of spending.example of this type of spending.

3.3. This type of stock market shows investors do This type of stock market shows investors do not have much confidence in the economy.not have much confidence in the economy.

4.4. Why do we not pay the same amount as our Why do we not pay the same amount as our grandparents for items?grandparents for items?

5.5. The government will pass these to break up The government will pass these to break up monopolies.monopolies.


1.1. Sales Tax Sales Tax

2.2. Discretionary SpendingDiscretionary Spending

3.3. Bear marketBear market

4.4. InflationInflation

5.5. Anti-trust lawsAnti-trust laws

Round 4Round 4

1.1. Only ______ goods are counted towards Only ______ goods are counted towards GDP.GDP.

2.2. The government taxes you less as your The government taxes you less as your income grows.income grows.

3.3. The rise and fall of business(es) is called The rise and fall of business(es) is called _______________ by economist._______________ by economist.

4.4. The government will do this when there is an The government will do this when there is an unsafe product on the market.unsafe product on the market.

5.5. Legal responsibility for something such as an Legal responsibility for something such as an action or a debt. What is this?action or a debt. What is this?


1.1. FinalFinal

2.2. Regressive TaxesRegressive Taxes

3.3. Business CycleBusiness Cycle

4.4. RecallRecall

5.5. Liability Liability

Round 5Round 51.1. An item that is consumed by more than 1 person is defined An item that is consumed by more than 1 person is defined

as…as…2.2. What could go at letter A on the chart?What could go at letter A on the chart?

3.3. What are the 4 parts of demand?What are the 4 parts of demand?4.4. In a command system, who sets the prices?In a command system, who sets the prices?5.5. I bought a cupcake for .36 and sold it for $1.59. What is my I bought a cupcake for .36 and sold it for $1.59. What is my

profit?profit?

A


1.1. Public GoodPublic Good

2.2. MoneyMoney

3.3. Amount, Willing to Buy, Able to Buy, PriceAmount, Willing to Buy, Able to Buy, Price

4.4. The GovernmentThe Government

5.5. $1.23 $1.23

Econ QuizzoEcon QuizzoPart 2Part 2

Mr. HolmesMr. Holmes

December 11, 2012December 11, 2012

Round 1Round 11.1. In this economy, the economic questions In this economy, the economic questions

are answered by trading.are answered by trading.

2.2. In this economy, the government In this economy, the government answers the economic questions.answers the economic questions.

3.3. Besides the state, local governments get Besides the state, local governments get their money from _________________.their money from _________________.

4.4. When the stock market is a _____ market, When the stock market is a _____ market, investors have confidence in the investors have confidence in the economy.economy.

5.5. The fiscal year starts ____ and ends The fiscal year starts ____ and ends ______.______.

Answers – Round 1Answers – Round 11.1. TraditionalTraditional

2.2. Command Command

3.3. Property TaxesProperty Taxes

4.4. BullBull

5.5. Oct. 1/Sept. 30Oct. 1/Sept. 30

Round 2Round 21.1. In this economy, business owners make all of In this economy, business owners make all of

the decisions.the decisions.

2.2. Company A is offering $75 for every $36 Company A is offering $75 for every $36 invested. Company B is offering $114 for every invested. Company B is offering $114 for every $57 invested. Company C is offering $1,000 for $57 invested. Company C is offering $1,000 for every $675 invested. Which company should I every $675 invested. Which company should I go with? go with?

3.3. A firehouse is an example of what type of good.A firehouse is an example of what type of good.

4.4. Taxes that stay the same percentage regardless Taxes that stay the same percentage regardless of your income level is _________of your income level is _________

5.5. What is another way that the government tracks What is another way that the government tracks how its citizens are doing? (Other than GDP)how its citizens are doing? (Other than GDP)


1.1. MarketMarket

2.2. Company ACompany A

3.3. PublicPublic

4.4. ProportionalProportional

5.5. Price Stability/Unemployment RatePrice Stability/Unemployment Rate

Calculate GDP – Round 3Calculate GDP – Round 3Country A 40,000 @

$218 each1,189 @ $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

128,614

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

Round 3Round 3

1.1. Which country had the highest GDP?Which country had the highest GDP?

2.2. Which country had the lowest GDP per Which country had the lowest GDP per capita?capita?

3.3. Which country had the lowest GDP?Which country had the lowest GDP?

4.4. Which country had the highest GDP per Which country had the highest GDP per capita?capita?

5.5. The government will pass these to break The government will pass these to break up monopolies.up monopolies.


1.1. BB

2.2. HH

3.3. JJ

4.4. AA

5.5. Anti-trust lawsAnti-trust laws

Round 4Round 4

1.1. Only ______ goods are counted towards Only ______ goods are counted towards GDP.GDP.

2.2. In this system, I have no liability as a In this system, I have no liability as a business owner/leader.business owner/leader.

3.3. What are the 3 types of resources?What are the 3 types of resources?4.4. These are costs that NEVER change for a These are costs that NEVER change for a

business.business.5.5. Legal responsibility for something such Legal responsibility for something such

as an action or a debt. What is this?as an action or a debt. What is this?


1.1. FinalFinal

2.2. CorporationCorporation

3.3. Natural, Labor, CapitalNatural, Labor, Capital

4.4. FixedFixed

5.5. Liability Liability

Round 5Round 51.1. An item that is consumed by 1 person is defined An item that is consumed by 1 person is defined

as…as…2.2. What could go at letter A on the chart?What could go at letter A on the chart?

3.3. What are the 4 parts of demand?What are the 4 parts of demand?4.4. In this market, investors like the way the economy In this market, investors like the way the economy

is going.is going.5.5. R.C. runs a store that sells Mitt Romney bobble head R.C. runs a store that sells Mitt Romney bobble head

dolls. It cost him $1.78 to make each one and he dolls. It cost him $1.78 to make each one and he sells them for $5.25. What is his revenue and his sells them for $5.25. What is his revenue and his profit?profit?

A


1.1. Private GoodPrivate Good

2.2. Business (Corporation)Business (Corporation)

3.3. Amount, Willing to Buy, Able to Buy, Amount, Willing to Buy, Able to Buy, PricePrice

4.4. Bull MarketBull Market

5.5. $5.25/$3.47$5.25/$3.47

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Econ Quizzo Part 1