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FSO Exam -ECON/MATH/STAT
FSO Exam -ECON/MATH/STAT
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1
What is the protection value of a deposit when backed by the FDIC?
$250,000
$5,000
$100,000
$25,000
2
What is an opportunity cost?
unlimited wants but limited resources
all the alternatives given up to make a choice
the most desirable alternative given up when you make a choice
money spent by businesses to improve their production
3
In the PPC, any point on the curve is considered ________.
Impossible to obtain without technological improvement
Inefficient
Impossible to obtain without help from God
Efficient
4
An economist who advocates for a laissez-faire approach is advocating:
govt intervenes only in regulating the money supply
none of the above
the economy should regulate itself without govt intervention
the govt intervenes in markets to protect the vulernable
5
Who has Comparative Advantage in apples? Who has Comparative Advantage in phones?
Finland in apples; USA in phones
USA in apples; Finland in phones
Finland in phones; Neither in apples.
USA in apples; Neither in phones.
6
Consumption + Investment + govt spending + exports - imports =
Net National Product
Balance of Payments
Inflation
Gross Domestic Product
7
What was the direct effect of the Panic of 1907?
The creation of the Federal Reserve
The creation of the Federal Deposit Insurance Coporation (FDIC)
The Consumer Financial Protection Bureau (CFPB)
The creation of the Securities and Exchange Commission (SEC)
8
The Fed is ___________.
Agency designed to protect deposits against banks failing
The secret police of the US
The leader of Congress
The central banking system of the US
9
The quotient of your division’s clocked work hours and the number of division employees
(Hours + Employees) / Employees = Quotient
Hours + Employees = Quotient
Hours x Employees = Quotient
Hours / Employees = Quotient
10
A taxi ride costs $3 for the first mile and $1 for each half mile. What is the cost of a 10 mile ride?
$12
$13
$21
$10
11
Which of the statements is false about the difference between monetary & fiscal policy?
Inflation can be targeted by monetary, not fiscal policy.
Monetary policy = the central bank; Fiscal policy = the govt.
Fiscal policy can determine interest rates and money supply
Both fiscal and monetary policy can counteract recessions.
12
"In the long run, we are all dead."
John Maynard Keynes
Karl Marx
Janet Yellen
Alan Greenspan
13
If 400 people can be seated in 8 subway cars, how many people can be seated in 5 subway cars?
300
200
250
350
14
Countries experiencing large net flows of currency must ____ in order to avoid inflationary pressures.
peg their currency to the dollar
sterilize the inflows by issuing domestic bonds
sterilize inflows by soaking up currency and purchasing international bonds
peg their currency to dominate export market's currency
15
A sweater priced at $40 is now on sale for $30. What percent has the sweater been discounted?
75%
70%
25%
33%
16
Which US city has historically been associated with commodity trading?
Chicago
Los Angeles
Washington, D.C.
NYC
17
Floor tiling costs $13.50 per square yard; What would it cost to tile a room 15 feet by 18 feet?
$405
$20
$3,645
$1,350
18
The largest category included in Gross Domestic Product is:
Government
Military
Imports
Consumption
19
A bill comes to $38.40; If a 15% tip is included after a 6% tax is added to the amount, how much is the tip?
$5.15
$6.11
$5.76
$2.30
20
2 (9-4) + 3 = 13
True
False
21
Which of the following is consistent with a favorable trade balance?
domestic exports of merchandise exceed imports
gold reserves increase
more goods & services are available for domestic use than can be consumed
net foreign investment is negative
22
A basketball team won 3 times as many games as the lost; How many games were won if they played a total 24 games?
6
18
12
8
23
Which of the following would not be counted in India's GDP?
a U.S. FSO whose wages are deposited in a local New Delhi bank
an expat Indian engineer's wages in NYC
a thief's ill gotten goods from a tourist at the Taj Mahal
an Indian peasant trading chickens for rice
24
What would be the simple interest earned on an investment of $2000.00 at 12.5% for 9 years?
$1,250.00
$250.00
$2,250.00
$4,250.00
25
Which of the following in contractionary fiscal policy?
reductions in personal taxes
decreasing the federal deficit
increasing the federal deficit
the Federal Reserve sells securities
26
Dennis ran a race in 2.2. minutes; Kayla ran the same race in 124 seconds. What is the difference between the two times?
22 seconds
2 seconds
14 seconds
8 seconds
27
In a deck of cards, a king of hearts is drawn and not replaced. What is the probablity of drawing another king ?
1/17
1/4
3/52
1/13
28
The probability your department will make its quarterly goals, in statistics, is shown as:
odds against
a number between zero and one
a fraction
all of the above
29
4 *4 = X; x is ___.
16
24
12
0
30
Which of the following would not be considered a digit?
0
1
99
9
31
IBM decides to charge more for its computers; how will this affect the supply and demand of computers?
A move along the supply curve
Supply will shift left.
Demand will shift right.
A move along the demand curve
32
The (CPI) Consumer Price Index is:
the average change in prices paid by consumers for a market basket
a cost of living index
an exact measure of inflation
none of the above
33
What is the probability of rolling a sum of 9 using two dice?
5/12
1/9
1/4
7/36
34
Joel can read 2 pages in 3 mins; how long will it take him to read a 360 page book?
6 hours
2 hours
9 hours
30 minutes
35
X = 4 Y= 3 (X -Y) + (Y+Y) = 7
False
True
36
Bill took an exam; Bill was told that his score was in the 64th percentile. What does this mean?
64% of the students who took the test did better than Bill.
64% of the students who took the test did worse than Bill.
64 of the students who took the exam did worse than Bill.
64 of the students who took the test did better than Bill.
37
Conventional wisdom suggests as stock values increase, bond yields ______.
none of the above
increase
stay the same
decline
38
The price of microchips has gone up due to limited availability;how will this affect the supply and demand of computers?
The supply curve will shift right
The supply curve will shift left
The demand curve will shift left
The demand curve will shift right
