Macroeconomics
True or False: The annual rate of inflation in the US over 10% right now.
False - latest number is 3%
True or False: Economics is the study of money flows around the world.
False: Economics studies the management/allocation of resources meets people's needs and wants.
True or False: A 50-year mortgage has been floated as a solution to lack of affordable housing.
True: President Trump recently suggested this.
True or False: it is illegal to unionize in the US.
False
True or False: The government shutdown is now over.
True
What is the official unemployment rate?
a) 2.9%
b) 4.4%
c) 5.3%
d) 6.4%
b) 4.4%
Which economic thinker believed free market competition was the best way to allocate resources in an economy?
a) Adam Smith
b) Karl Marx
c) John Maynard Keynes
d) Thorstein Veblen
a) Adam Smith
a) High-yield savings accounts
b) Certificates of deposit
c) Bonds
d) All of the above
d) all of the above
What is the unionization rate in the US (what percentage of employed people are in a union)?
a) 1%
b) 10%
c) 32%
d) over 50%
b) 10%
Which industry do people fear there is a "bubble" brewing?
a) Fashion
b) Green energy
c) AI
d) All of the above
c) AI
Name one of the components of the national income identity, Y = C + I + G + (N-X).
Y = aggregate demand or GDP or output
C = consumption spending
I = Investment spending
G = Government spending
(N-X) = Net exports
Name a product or service that likely has inelastic demand.
Examples: water, life-saving drugs, gasoline, anything you might consider a necessity.
Name one type of retirement account/plan.
401(k), IRA, Roth, Pension, Defined Benefit, Defined Contribution
What is the current minimum wage in NYC for non-tipped workers?
$16.50
Name one of our three top trading partners (by % of imports we get from them).
Top three: China, Mexico, Canada
Who is in charge of fiscal policy in the US and who is in charge of monetary policy?
Fiscal policy: federal government
Monetary policy: The Federal Reserve
(Half points if got one right)
Name two of the four types of market structures industries can have.
Monopolistic competition
Oligopoly
Monopoly
If I want to invest in several companies at once, I should just buy a share of an ____________.
Exchange traded fund (ETF), index fund also acceptable or examples of either
How many weeks of paid sick leave are workers guaranteed by federal law?
0
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
(half points if one is right)
About how much debt does the US government currently have today?
Full points: 30 - 40 trillion (38 is right)
Half points: 20-30 or 40-50 trillion
Give an example of a market failure or externality.
Pollution, traffic, anything that would count as an unintended consequence.
What does it mean to "short" a stock?
borrow a stock and sell it, buy it back later and return to lender.
Which media conglomerate has a union that is currently fighting the illegal firing of four organizers?
Conde Nast
Since the beginning of the semester, has the federal reserve been cutting interest rates, raising them, or keeping them the same?
Cutting them