Econ Quizzo Part 1 Mr. Holmes December 11, 2012

Round 1 1.This is spending that the government MUST do. 2.Finish the sentence: State spending will ________ with local spending to pay for education. 3.Besides the state, local governments get their money from _________________. 4.This tax means it increases as your income bracket goes up. 5.The fiscal year starts ____ and ends ______.

Answers – Round 1 1.Mandatory 2.Subsidize 3.Property Taxes 4.Progressive 5.Oct. 1/Sept. 30

Round 2 1.This is the only state where they do not HAVE to balance the budget. 2.When a government makes more money than it spends, this is a result. 3.Company A is offering $94 for every $56 invested. Company B is offering $114 for every $83 invested. Who has the higher benefit-cost analysis? 4.Taxes that stay the same percentage regardless of your income level is _________ 5.Laissez-faire means what in capitalism?

Answers – Round 2 1.Vermont 2.Surplus 3.A (1.67) 4.Proportional 5.Hands-Off

Bonus 1.When the federal government gives money to the state government OR the state government gives money to the local government, what is this an example of?  Intergovernmental Revenue

Round 3 1.State governments use this to raise revenue in their state. 2.National defense and highways are an example of this type of spending. 3.This type of stock market shows investors do not have much confidence in the economy. 4.Why do we not pay the same amount as our grandparents for items? 5.The government will pass these to break up monopolies.

Answers – Round 3 1.Sales Tax 2.Discretionary Spending 3.Bear market 4.Inflation 5.Anti-trust laws

Round 4 1.Only ______ goods are counted towards GDP. 2.The government taxes you less as your income grows. 3.The rise and fall of business(es) is called _______________ by economist. 4.The government will do this when there is an unsafe product on the market. 5.Legal responsibility for something such as an action or a debt. What is this?

Answers – Round 4 1.Final 2.Regressive Taxes 3.Business Cycle 4.Recall 5.Liability

Round 5 1.An item that is consumed by more than 1 person is defined as… 2.What could go at letter A on the chart? 3.What are the 4 parts of demand? 4.In a command system, who sets the prices? 5.I bought a cupcake for.36 and sold it for $1.59. What is my profit? A

Answers – Round 5 1.Public Good 2.Money 3.Amount, Willing to Buy, Able to Buy, Price 4.The Government 5.$1.23

Econ Quizzo Part 2 Mr. Holmes December 11, 2012

Round 1 1. In this economy, the economic questions are answered by trading. 2. In this economy, the government answers the economic questions. 3. Besides the state, local governments get their money from _________________. 4. When the stock market is a _____ market, investors have confidence in the economy. 5. The fiscal year starts ____ and ends ______.

Answers – Round 1 1. Traditional 2. Command 3. Property Taxes 4. Bull 5. Oct. 1/Sept. 30

Round 2 1. In this economy, business owners make all of the decisions. 2. Company A is offering $75 for every $36 invested. Company B is offering $114 for every $57 invested. Company C is offering $1,000 for every $675 invested. Which company should I go with? 3. A firehouse is an example of what type of good. 4. Taxes that stay the same percentage regardless of your income level is _________ 5. What is another way that the government tracks how its citizens are doing? (Other than GDP)

Answers – Round 2 1. Market 2. Company A 3. Public 4. Proportional 5. Price Stability/Unemployment Rate

Calculate GDP – Round 3 Country $218 each $187each $42 each 40,948 Country $189 each $97 each $56 each 162,072 Country $107 each $148 each $51 each 90,711 Country $120 each 7, $97 each $75 each 2,000,047 Country $112 each 23, $101 each 217, $37 each 128,614 Country $110 each $89 each $48 each 338,917 Country $168 each $109 each $20 each 980,742 Country $75 each $112 each $35 each 1,328,000 Country $45 each $104 each $90 each 56,923 Country $67 each $84 each $12 each 93,428

Round 3 1. Which country had the highest GDP? 2. Which country had the lowest GDP per capita? 3. Which country had the lowest GDP? 4. Which country had the highest GDP per capita? 5. The government will pass these to break up monopolies.

Answers – Round 3 1. B 2. H 3. J 4. A 5. Anti-trust laws

Round 4 1. Only ______ goods are counted towards GDP. 2. In this system, I have no liability as a business owner/leader. 3. What are the 3 types of resources? 4. These are costs that NEVER change for a business. 5. Legal responsibility for something such as an action or a debt. What is this?

Answers – Round 4 1. Final 2. Corporation 3. Natural, Labor, Capital 4. Fixed 5. Liability

Round 5 1. An item that is consumed by 1 person is defined as… 2. What could go at letter A on the chart? 3. What are the 4 parts of demand? 4. In this market, investors like the way the economy is going. 5. R.C. runs a store that sells Mitt Romney bobble head dolls. It cost him $1.78 to make each one and he sells them for $5.25. What is his revenue and his profit? A

Answers – Round 5 1. Private Good 2. Business (Corporation) 3. Amount, Willing to Buy, Able to Buy, Price 4. Bull Market 5. $5.25/$3.47