History of Economics
Which one of these is NOT a commodity currency?
Wheat, Coffee, Coins or Seashells
Coins
What is inflation?
When the costs of goods go up over time and the dollar becomes weaker.
1040
If you receive a $14,000 shoulder replacement surgery and have a $6,000 deductible, how much will insurance pay for?
$8,000
What is the range of a credit score?
300-850
Where does the US store most of its gold?
Fort Knox
What is the difference between a free and regulated market?
A free market has minimal government intervention, which encourages free enterprise, whereas a regulated market has more government involvement increasing safety.
This is type of retirement fund is not taxed and can be transferable between different companies.
401(k)
What is covered in FICA insurance?
Medicare and Social Security
Which island nation is an economic powerhouse due to its free-market policies?
Singapore
What made the British Empire powerful and successful?
The British Navy
Give an example of the law of diminishing returns. Make sure to explain your reasoning.
Watering a plant excessively; eating too many candy bars; spending too many hours working on the Personal Finance Portfolio the night before it's due; sleeping too much in class.
Some stocks distribute a small percentage of their profits to shareholders quarterly. What is the name of this profit?
Dividends
If you John Doe pays $1,000 per month in rent and his security deposit is the same as his rent, how much does he pay in housing annually?
$13,000
Which life-threatening disease was found in Bayer?
AIDS
What did some early coins have a hole in the middle? What was the problem with this?
Some coins had a hold so a string go through it serving as a necklace. While this was convenient, coins were heavy and impractical.
Which is more accurate, GDP or GDP per capita? Why?
GDP, Gross Domestic Product, is the total goods and services of a nation while GDP per capita measures the economic output of a person. Therefore, GDP per capita is more accurate at measuring wealth.
Which one of these is NOT a pyramid scheme?
Venmo, Vemma, Herbalife or Amway
Venmo
This credit card has no annual fee; 1.5% cash back on all purchases and you can earn a $200 bonus after spending $500 in the first three months of opening the account.
Chase Freedom Unlimited
What does APR stand for and what is it?
APR, Annual Percentage Rate, is interest on credit cards.
What is fiat currency and why does it exist?
Fiat currency is our faith in the dollar. It exists since a dollar is no longer worth its value in gold.
Video game consoles such as Nintendo, Playstation and Xbox are an example of which economic structure?
Oligopoly
List as many signs of a phishing scam as you can.
(The group that comes up with the most, will receive full credit.)
When searching for a checking and savings account, do you want high or low APY? Why?
APY, Annual Percentage Yield, is the total rate of return a 12-month investment. High APY is beneficial since it is how much interest you earn on your savings.
Why is Social Security running out of money?
Older people, who receive Social Security, are living longer and there are fewer people in the workforce who are paying for Social Security.