1. Econ Quizzo Part 1 Mr. Holmes December 11, 2012

2. 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 ______.

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

4. Round 2 1.This is the only state where they do not HAVE to balance the budget. 2.When a business 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?

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

6. 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

7. 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.

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

9. 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?

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

11. 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

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

14. Econ Quizzo Part 2 Mr. Holmes December 11, 2012

15. Round 1 1. In this economy, the economic questions are answered by trading. 2. In this economy, the government answers the economic questions. 3. What are the 4 parts of demand? 4. When the stock market is a _____ market, investors have confidence in the economy. 5. A PS4 would be an example of a ____ good.

16. Answers – Round 1 1. Traditional 2. Command 3. Amount, Willing to Buy, Able to Buy, Price 4. Bull 5. Private

17. 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. When a business makes more money than it spends, this is a result. 5. What is another way that the government tracks how its citizens are doing? (Other than GDP)

18. Answers – Round 2 1. Market 2. Company A 3. Public 4. Surplus 5. Prices/Unemployment Rate

19. Calculate GDP – Round 3 Country A40,000 @ $218 each 1,189 @ $187each 10,746 @ $42 each 40,948 Country B98,420 @ $189 each 15,054 @ $97 each 167,147 @ $56 each 162,072 Country C44,805 @ $107 each 7,483 @ $148 each 42,809 @ $51 each 90,711 Country D168,112 @ $120 each 7, 010 @ $97 each 55,565 @ $75 each 2,000,047 Country E50 @ $112 each 23, 281 @ $101 each 217, 594 @ $37 each 128,614 Country F18,000 @ $110 each 15,704 @ $89 each 157,153 @ $48 each 338,917 Country G25,000 @ $168 each 17,798 @ $109 each 108,647 @ $20 each 980,742 Country H100 @ $75 each 20,748 @ $112 each 200,700 @ $35 each 1,328,000 Country I5,187 @ $45 each 7,021 @ $104 each 4,198 @ $90 each 56,923 Country J2,789 @ $67 each 9,156 @ $84 each 2,345 @ $12 each 93,428

20. 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.

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

22. Round 4 1. Only ______ goods are counted towards GDP. 2. In this business 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?

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

24. 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. Scott Jean 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

25. 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

26. Round 6 1. T his type of stock market shows investors do not have much confidence in the economy. 2. W hy do we not pay the same amount as our grandparents for items? 3. T he government will pass these to break up monopolies. 4. O nly ______ goods are counted towards GDP. 5. T he rise and fall of business(es) is called _______________ by economist.

27. Answers – Round 6 1. Bear market 2. Inflation 3. Anti-trust laws 4. Final 5. Business Cycle

28. Round 7 1. T he government will do this when there is an unsafe product on the market. 2. L egal responsibility for something such as an action or a debt. What is this? 3. A n item that is consumed by more than 1 person is defined as… 4. I n a command system, who sets the prices? 5. I bought a cupcake for.36 and sold it for $1.59. What is my profit?

29. Round 7 Answers 1. Recall 2. Liability 3. Public 4. Government 5. $1.23