Stock market / Personal Finance
How do we know if the stock market is doing well? (i.e. what could we check?)
an index like S&P 500, Dow Jones
What is a tariff?
A tax on imports
Name one movement, campaign, or trend that has aimed to make the fashion industry more sustainable.
circular fashion/economy; thrifting; recycling clothes, minimalist closet
Which famous economist advocated for socialism and then communism?
Marx
Is the annual rate of inflation in the US over 10% right now?
No
Name one type of retirement account / plan.
401(k), IRA, Roth of either, pension
Name at least two goals the Trump administration is attempting to achieve with US tariff policy.
1. negotiating tool
2. bring back industrial manufacturing to US
3. raise fed. govt. revenue
4. get rid of trade deficit (specifically with China)
5. make trade policies fairer
The fashion industry is predicted to take up 1/4 of the world's carbon emissions by 2050. True or False?
True (according to Unraveled by Maxine Bedat)
What is one tool we have to pull up the bottom end of the income distribution and one tool we have to pull down the upper end of the income distribution?
Minimum wage increases; progressive taxation
What is the current official unemployment rate?
4.2% but anything between 4.0% and 4.5% is acceptable!
Does the interest rate you pay on a traditional 30-year mortgage change over the life of the loan?
no, it is fixed. ARMS or adjustable rate mortgages have floating interest rates which change based on economic conditions.
Explain how tariffs are computed i.e. what would a 10% or 100% tariff mean to a US importer?
10% tariffs = 10% of product's value i.e. $10 jeans = $1 tariff
100% = $10 jeans, $10 tariff
Yoga pants and other exercise clothes are mainly made from polyester, nylon, and spandex. What key raw resource are these materials made from?
Plastic / Petroleum
One concern about completely a completely equal income distribution and government ownership of business is that people won't work hard and firms won't be efficient or innovate. What is the economic concept that underlies these concerns?
Incentives
Elon Musk and DOGE are most likely to directly impact which component of GDP?
G, government spending
What was the reaction of in stock markets to Trump's tariff announcement on April 2nd AND what is the current status of the market today?
Initial decline, but has recovered all losses since.
Which 3 countries are the US's top trading partners (as measured by % of imports)
Mexico, China, Canada
Most of the fashion industry's pollution occurs during the _________ stage.
textile production
Name a democratic socialist country OR US politician.
Sweden, Norway, Denmark, Finland, Bernie Sanders, AOC, Zohran Mamdani
Was the advanced estimate for 2025 Q1 for GDP growth negative or positive?
slightly negative (-0.3%)
What does it mean to "short" a stock?
borrow a stock and sell it, buy it back later and return to lender.
What was driving the negative GDP growth estimate for 2025 Q1?
Above average imports (M is subtracted from GDP)
How come even though a piece of clothing may say "organic" it doesn't necessarily mean no chemicals were used to produce the product?
"organic" usually refers to the raw material - i.e. organically grown cotton but chemicals may have been used in other parts of production i.e. textile development.
What is the difference between socialism and communism?
Socialism is when the government owns the means of production (strong state); communism is when the collective (workers) own the means of production (worker cooperatives).
What happened to consumer, investment, and government spending in 2025 Q1 according to the latest estimate?
consumer and investment spending UP, government slight contraction