Section 1
What is money?
1) The third planet from the sun
2) A limitless unit of trade
3) What we use to buy things
4) A unit of quantity of supply and demand
What we use to buy things
What is hyperinflation?
1) Very slow inflation
2) Very fast inflation
3) Normal inflation
Very fast inflation
How do companies help workers with inflation?
1) Lowering how much they pay workers
2) Raising how much they pay workers
3) They institute a tax credit for their insurance
Raising how much they pay workers
What are the two lines in an economics graph called?
1) Supply and Demand
2) Demand and Production
3) Suppliers and Buyers
Supply and Demand
What school are we from?
1) USC
2) UCLA
3) Roblox High School
USC
What is inflation?
1) Prices go up
2) Prices go down
3) Prices stay the same
Prices go up
Why does inflation occur?
1) Governments print more money
2) Governments print less money
Governments print more money
Why do some countries other than the US use the dollar?
1) It is more stable and less likely to inflate
2) Because the dollar is bad
It is more stable and less likely to inflate
What does economics deal with?
1) Limited resources
2) Limitless resources
3) Zero resources
1) Scarcity
What is the sign near Griffith Observatory called?
1) Hollywood Sign
2) Big Sign
3) Roblox Sign
4) Mulholland Sign
Hollywood Sign
What is the average gas price today in California?
1) 500 dollars per gallon
2) 2.5 dollars per gallon
3) 5 dollars per gallon
4) Free
5 dollars per gallon
Is inflation always bad?
1) Yes
2) NOooooooooo
No
Why do we use money?
1) So we can buy things more easily
2) It is cheapest not easily forged
3) Because according to the government in 1905, the Money Law required all citizens to use the US dollar as a currency
1) So we can buy things more easily
What do higher prices result in?
1) Less buyers
2) More buyers
3) Suppliers leave the market
2) Less buyers
What is the theme park in Anaheim (south of Los Angeles)
1) Disneyland
2) Magic Mountain
3) Universal Studios
Disneyland
What is a DECREASE in prices?
1) Inflation
2) Deflation
Deflation
How can the government slow inflation?
1) Raising interest rates
2) Deleting the economy
3) War
Raising interest rates
What is economics?
1) A social science
2) A natural science
3) A biological science
A social science
Who controls interest rates and tries to control inflation?
1) The Vice President
2) The state governors
3) The Federal Reserve
4) The International Communion of Inflation Prevention (ICIP)
The Federal Reserve
What is the pier on the beach called?
1) Venice Pier
2) San Francisco Pier
3) Santa Monica Pier
4) Hollywood Pier
Santa Monica Pier
If prices doubled, then decreased by 25% for the price of eggs from 1900 to 1910, and the original price was $5, what is the new price?
1) 2.5 dollars
2) 5 dollars
3) 10 dollars
4) 7.5 dollars
7.5 dollars
Why did Germany have such high inflation after World War 1?
1) They were rich
2) They had to pay the other countries for their damage
3) They printed less money
They had to pay the other countries
How do companies help fix deflation?
1) Lowering how much they pay workers
2) Raising how much they pay workers
Lowering how much they pay workers
How does the government speed up inflation?
1) Print less money
2) Lower interest rates
3) Raise interest rates
2) Lower interest rates
How many people live in Los Angeles?
1) 3 people
2) 4 million people
3) 1 million people
4) 2 million people
4 million people