Supply & Demand
Fiscal Policy
Federal Reserve & Monetary Policy
Interest Rates
Externalities
100
Assuming that the graph follows the normal laws of economics, the line represents:
- demand
- equilibrium price
- total receipts test
- production possibilities
- supply
- supply
100
Which of these taxes is received by BOTH the federal and state governments?
- Income Tax
- Property Tax
- FICA Taxes
- Sales Tax
- Income Tax
100
The federal personal income tax is an example of which kind of tax?
- progressive tax
- excise tax
- sales tax
- regressive tax
- progressive tax
100
What would be the effect of high interest rates on credit cards?
- Fewer people would use credit cards.
- There would be no effect.
- More people would use a debit card.
- More people would use credit cards.
- Fewer people would use credit cards.
100
Choose all the four items that are examples of public goods provided by the government through taxpayer money.
- sanitation
- schools
- private parks
- highways
- national defense
- sanitation
- schools
- highways
- national defense
200
A decrease in the price of a particular product will result in:
- a shift in the production possibilities frontier.
- a decrease in the demand for that product.
- an increase in the quantity supplied of that product.
- an increase in the supply of that product.
- an increase in the quantity demanded of that product.
- an increase in the quantity demanded of that product.
200
Which is the largest source of Federal revenue?
- Individual income tax
- Corporate income tax
- Borrowing
- Medicare payroll taxes
- Individual income tax
200
Who is responsible for collecting property taxes?
- state governments
- district governments
- federal government
- county governments
- county governments
200
The primary function of banks in the United States is to?
- provide checking and savings accounts to customers.
- print money.
- make banking laws.
- build homes and businesses.
- provide checking and savings accounts to customers.
200
What is a likely result of the United States providing free healthcare for every citizen?
- Lower Taxes
- Higher interest rates
- Higher Taxes
- Lower Interest Rates
- Higher Taxes
300
Which of these would MOST LIKELY cause an increase in the price of an item?
- an increase in the price of a compliment product
- an increase in the cost of raw materials for that item
- improved technology in the production of that item
- a decrease in the price of a substitute product
- declining popularity of the item
- an increase in the cost of raw materials for that item
300
Social Security, Medicare and Medicaid are examples of?
- Expansionary policies
- Contractionary spending
- Demand side economics
- Entitlement programs
- Entitlement programs
300
What is a main goal of the Federal Reserve in its monetary policy?
- lowering taxes
- regulation of the stock market
- increasing government spending
- to curb recessions
- to curb recessions
300
Jay is an 21 year old college senior. He reads on a financial blog that interest rates are being lowered by the Federal Reserve. Which of these situations might Jay decide to do based on this information?
- buy the iPhone 7
- invest in technology stocks
- purchase a new car
- sell his house
- purchase a new car
300
Which action would be a change in the government's fiscal policy?
- an increase in taxes
- an increase in the price of good
- a decrease in unemployment
- a decrease in collected revenues
- an increase in taxes
400
- Income
- Consumer Expectations
- Population
- Consumer Tastes
- Complements and Substitutes
These would change what part of the market?
- Supply
- Law of Demand
- Scarcity
- Demand
- Law of Supply
- Demand
400
Where do Property Taxes go?
- To the Federal Government
- To Schools, Public Services, Transportation
- To Entitlement Programs
- To Corporations
- To Schools, Public Services, Transportation
400
Which of these is an example of an excise tax?
- motor fuels tax
- corporate income tax
- property tax
- personal income tax
- motor fuels tax
400
You put $10,000 into a savings account that earns 5% simple interest.
How much did you earn in one year?
- $1000
- $50
- $10,500
- $500
- $500
400
Fiscal policy is used to promote price stability, full employment, and economic growth by?
- increasing or decreasing the money supply.
- adjusting interest rates.
- buying or selling securities through Fed transactions.
- increasing or decreasing tax levels and public spending.
- releasing depository institution funds.
- increasing or decreasing tax levels and public spending.
500
The graph shows the demand for Twinkie-Doodles in the months of June and December. The demand curve has moved to the right on the graph. This shows that:
- the price for Twinkie-Doodles went up.
- the demand for Twinkie-Doodles has increased.
- the supply of Twinkie-Doodles has decreased.
- the price for Twinkie-Doodles went down.
- the demand for Twinkie-Doodles has increased.
500
What is an example of Proportional Tax?
- Federal Income Tax
- Social Security Tax
- Property Tax
- Sales Tax
- Social Security Tax
500
A tax on retail products based on a set percentage retail cost is called?
- corporation tax.
- excise tax.
- income tax.
- sales tax.
- sales tax.
500
How does lowering the interest rate affect the value of the dollar?
- It does not affect the value of the dollar.
- It lowers the value by lowering the return for foreign investors.
- It raises the value by making it easier to borrow money.
- It keeps the value constant to keep up with inflation.
- It lowers the value by lowering the return for foreign investors.
500
DAILY DOUBLE
What year did the FDIC, created by Franklin D. Roosevelt become implemented for banks?
1933