Economics 2301-macro Are you smarter than a 5 th grader….. OK Are you smarter than the man on the street?????
When you think of economics, what do you think of? ECONOMICS DEFINITION
Which is always present in an economic system? (a) central planning (b) strikes (c) scarce resources (d) market decision-making
Which of the following taxes is mostly based on the ability to pay? A) property tax B)sales tax C) social security tax D) income tax
Caveat emptor means: A) the public’s right to obtain land B) let the buyer beware C) citizen’s right to own property D) noninterference by government E) special concessions to business
Who controls the money in circulation? A) Treasury B) Federal Deposit of Insurance Corporation C) Federal Reserve D) Banks
An underdeveloped country is basically A) industrial in nature B) receiving a favorable balance of trade C) automated D) agrarian in nature
The total value of goods and services produced in a given year is called: A) national income B) national wealth C) consumer debt D) gross domestic product
Federal government expenditures in the market are the greatest in which of the following areas? A) defense B) debt C) welfare d) foreign aid
Supply and demand in the market determine A) utility B) cost C) production D) price
Name the three basic economic systems in the world. A)_____________ B)_____________ C)_____________
The opportunity cost of a new public high school is the: A) money cost of hiring teachers for the new school B) cost of constructing the new school at a later date C) change in the annual tax rate to pay for the new school D)other goods and services that must be given up to build the new school
Assuming little or no government interference in the market, which of the following is the lifeblood (internal engine) of the market? A) competition B) price C) stock market D) regulation
Which government agency regulates antitrust formations? A) Supreme Court B) Congress C) Federal Trade Commission D) State Courts
___Social Security___ Federal Income Compensation Act.. (also called payroll taxes) FICA which is reported in your paycheck stands for what deduction?
What is monetary policy? _________________________
What is fiscal policy? ___________________________
Name the four factors of production A________________ B________________ C_________________ D________________
One example of a capital good would be: A) bank deposits B) roofing machine C) coal D) ink
Ceteris paribus means: A) who cares B) the money is inflated C) all other things being equal D) the money should be equally distributed
Who wrote the Wealth of Nations? _________________________
What type of business formation is the most common in the U.S.? _________________________
Which security pays interest? A) stock B) bond
What is the motivating force of a free enterprise economy? ____________________________
Our Economy Today? Unemployment rate? Inflation rate? Confidence level? Balance of trade? Cost of crude oil? Housing market?
“ There can be no real freedom in the presence of economic insecurity.” Chester Bowles