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Comprehensive Economics Quiz: Government Spending, Taxes, and Market Analysis

Test your knowledge of key economic concepts with this engaging economics quiz designed by Mr. Holmes. Covering essential topics such as government spending, the role of taxes, budgeting, demand, and market types, this quiz will challenge your understanding of economics from state and local spending to market confidence indicators. Perfect for students and enthusiasts alike, this two-part quiz offers a variety of scenarios and questions that reinforce economic principles and real-world applications. Dive in to see how well you understand the foundations of economics!

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Comprehensive Economics Quiz: Government Spending, Taxes, and Market Analysis

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  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

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