Econ Quizzo Part 1

1. Econ QuizzoPart 1 Mr. Holmes December 11, 2012

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

3. Answers – Round 1 • Mandatory • Subsidize • Property Taxes • Progressive • Oct. 1/Sept. 30

4. Round 2 • This is the only state where they do not HAVE to balance the budget. • When a business makes more money than it spends, this is a result. • 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? • Taxes that stay the same percentage regardless of your income level is _________ • Laissez-faire means what in capitalism?

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

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

8. Answers – Round 3 • Sales Tax • Discretionary Spending • Bear market • Inflation • Anti-trust laws

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

10. Answers – Round 4 • Final • Regressive Taxes • Business Cycle • Recall • Liability

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

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

13. End DAY 1 Review

14. Econ QuizzoPart 2 Mr. Holmes December 11, 2012

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

16. Answers – Round 1 • Traditional • Command • Amount, Willing to Buy, Able to Buy, Price • Bull • Private

17. Round 2 • In this economy, business owners make all of the decisions. • 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? • A firehouse is an example of what type of good. • When a business makes more money than it spends, this is a result. • What is another way that the government tracks how its citizens are doing? (Other than GDP)

18. Answers – Round 2 • Market • Company A • Public • Surplus • Prices/Unemployment Rate

19. Calculate GDP – Round 3

20. Round 3 • Which country had the highest GDP? • Which country had the lowest GDP per capita? • Which country had the lowest GDP? • Which country had the highest GDP per capita? • The government will pass these to break up monopolies.

21. Answers – Round 3 • B • H • J • A • Anti-trust laws

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

23. Answers – Round 4 • Final • Corporation • Natural, Labor, Capital • Fixed • Liability

24. Round 5 • An item that is consumed by 1 person is defined as… • What could go at letter A on the chart? • What are the 4 parts of demand? • In this market, investors like the way the economy is going. • 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 • Private Good • Business (Corporation) • Amount, Willing to Buy, Able to Buy, Price • Bull Market • $5.25/$3.47

26. Round 6 • This type of stock market shows investors do not have much confidence in the economy. • Why do we not pay the same amount as our grandparents for items? • The government will pass these to break up monopolies. • Only ______ goods are counted towards GDP. • The rise and fall of business(es) is called _______________ by economist.

27. Answers – Round 6 • Bear market • Inflation • Anti-trust laws • Final • Business Cycle

28. Round 7 • The government will do this when there is an unsafe product on the market. • Legal responsibility for something such as an action or a debt. What is this? • An item that is consumed by more than 1 person is defined as… • In a command system, who sets the prices? • I bought a cupcake for .36 and sold it for $1.59. What is my profit?

29. Round 7 Answers • Recall • Liability • Public • Government • $1.23

30. End DAY 2 Review