What is my economic IQ?

Question 1

Median income in US

Answer 1

$79,000

Question 2

Median income in TN

Answer 2

$53,000

Question 3

Median income in WC

Answer 3

$115,000

Question 4

Macroeconomics

Answer 4

Issues or events that affect the ENTIRE economy

Question 5

Microeconomics

Answer 5

The study of 1 product (1 firm or 1 industry)

Question 6

Budget deficit

Answer 6

1.6 trillion, is when congress spends more than they bring in with taxes

Question 7

National debt

Answer 7

30.6 trillion, all the loans Congress had taken out and not yet paid back

Question 8

Unemployment rate

Answer 8

3.6% (low)

Question 9

Inflation rate

Answer 9

5.5% the price of money (high)

Question 10

G.D.P.

Answer 10

Gross domestic product- the dollar value of all goods and services produced in a year

Question 11

Current US GDP

Answer 11

$25 trillion

Question 12

Causes of economic growth

Answer 12

Larger labor force, better education and training, new technology, investment in infrastructure

Question 13

Stock

Answer 13

Part ownership of a corporation

Question 14

Bond

Answer 14

Is a loan contract
Seller: borrowing
Buyer: lending

Question 15

Fed

Answer 15

The federal reserve (central banks)

Question 16

Feds

Answer 16

FBI

Question 17

Who makes taxing decision

Answer 17

Congress

Question 18

Who makes spending tax revenue

Answer 18

Congress

Question 19

Who makes changing interest rates

Answer 19

The federal reserve

Question 20

Answer to every question in economics

Answer 20

It depends

Question 21

Goal of politics

Answer 21

To address problems and keep economy strong social and economic problems

Question 22

Democratic Party

Answer 22

Blue
It is the role of public sector (Gov.) to address social and economic issues
Government agencies (EPA, to enforce)
Cost money
“Big government”
Problem: higher taxes and/or more in debt

Question 23

Republican Party

Answer 23

Red
It is not the role of the public sector to solve social and economic problems private sector ppl and organizations can do it
Much less government involvement
Less money
“Limited government”
Problem: issues get worse and last longer

Question 24

Sam is a carpenter working for a local construction company construction company pay Sam and hourly wage. Factor market or product market? What are the two things being exchange?

Answer 24

Factor, wage and work

Question 25

Sam spends his money purchasing a range of items such as groceries clothing toiletries tools blankets etc. various stores. Those stores pay factories that produce to purchase goods. Factor market or product market? What are the two things being exchanged?

Answer 25

Product, purchased goods and pay

Question 26

You are Publix where Sam brought his groceries. Publix buys meat products from Bor’s head a meat processing plant. Boar’s head purchases meat from local farmers, such as gentries farm. Factor market or product market? What are the two things being exchange?

Answer 26

Product, meat and meat products

Question 27

Sam’s aunt aunt Miriam works at gentry‘s Farm as a mechanic and receives monthly wages from the gentry family factor market or product market? What are the two things being exchanged?

Answer 27

Factor, mechanic and monthly wages

Question 28

Gentries farm rent 150 acres of land from Miriam who receives a quarterly rent payment from the gentry family factor market or product market? What are the two things being exchange?

Answer 28

Factor, land and rent payment

Question 29

Sam works at a local pharmacy store which pays a monthly salary. Factor market or part of market? What are the two things being exchanged?

Answer 29

Factor, working and salary

Question 30

Grace owns the tractor manufacturing company. Your firm leases tractors, forklift, and other farm equipment to the gentries

Answer 30

Factor, equipment and money