Economics 2301-macro Are you smarter than a 5 th grader….. OK Are you smarter than the man on the...
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Transcript of Economics 2301-macro Are you smarter than a 5 th grader….. OK Are you smarter than the man on the...
![Page 1: Economics 2301-macro Are you smarter than a 5 th grader….. OK Are you smarter than the man on the street?????](https://reader036.fdocuments.us/reader036/viewer/2022070403/56649f335503460f94c4f795/html5/thumbnails/1.jpg)
Economics 2301-macro
Are you smarter than a 5th grader…..
OKAre you smarter than the man on
the street?????
![Page 2: Economics 2301-macro Are you smarter than a 5 th grader….. OK Are you smarter than the man on the street?????](https://reader036.fdocuments.us/reader036/viewer/2022070403/56649f335503460f94c4f795/html5/thumbnails/2.jpg)
When you think of economics, what do you think of?
ECONOMICS DEFINITION
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Which is always present in an economic system?
• (a) central planning• (b) strikes
(c) scarce resources(d) market decision-making
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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
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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
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Who controls the money in circulation?
• A) Treasury• B) Federal Deposit of Insurance Corporation• C) Federal Reserve• D) Banks
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An underdeveloped country is basically
• A) industrial in nature• B) receiving a favorable balance of trade• C) automated• D) agrarian in nature
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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
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Federal government expenditures in the market are the greatest in which of the following areas?
• A) defense• B) debt• C) welfare
d) foreign aid
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Supply and demand in the market determine
• A) utility• B) cost• C) production• D) price
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Name the three basic economic systems in the world.
• A)_____________
• B)_____________
• C)_____________
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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
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Assuming little or no government interference in the market, which of the
following is the lifeblood (internal engine) of the market?
A) competitionB) priceC) stock marketD) regulation
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Which government agency regulates antitrust formations?
• A) Supreme Court• B) Congress• C) Federal Trade Commission• D) State Courts
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• ___Social Security___• Federal Income Compensation Act.. (also
called payroll taxes)
FICA which is reported in your paycheck stands for what deduction?
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What is monetary policy?
• _________________________
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What is fiscal policy?
• ___________________________
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Name the four factors of production
• A________________
• B________________
• C_________________
• D________________
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One example of a capital good would be:
• A) bank deposits• B) roofing machine• C) coal• D) ink
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Ceteris paribus means:
• A) who cares• B) the money is inflated• C) all other things being equal• D) the money should be equally distributed
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Who wrote the Wealth of Nations?
• _________________________
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What type of business formation is the most common in the U.S.?
• _________________________
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Which security pays interest?
• A) stock• B) bond
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What is the motivating force of a free enterprise economy?
• ____________________________
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Our Economy Today?
• Unemployment rate?• Inflation rate?• Confidence level?• Balance of trade?• Cost of crude oil?• Housing market?
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“There can be no real freedom in the presence of economic insecurity.”
Chester Bowles