SLO 22-23

Question 1

This economic thought argued that the government should increase spending to spark demand and help the economy.

Accepted Answer

Keynesian economics

Question 2

When a bank fails and the bank is not FDIC insured, what might happen to the funds deposited with the bank?

Accepted Answer

Depositors will lose all of their funds

Question 3

The following are all physical properties of money except?

Accepted Answer

Acceptability

Question 4

You may find your checking account number on all of the following except?

Accepted Answer

On a debit card

Question 5

Sales taxes are considered ______, because it is the same rate for everyone, regardless of income.

Accepted Answer

Regressive

Question 6

Keynesian economics is also known as what?

Accepted Answer

Demand side economics

Question 7

This economic idea believes in reduced government spending and tax cuts.

Accepted Answer

Supply side economics

Question 8

If someone fraudulently uses your credit card, you are not responsible for paying back the fraud.

Accepted Answer

True

Question 9

What is the economic definition of savings?

Accepted Answer

The dollars that become available when people abstain from consumption.

Question 10

This idea of taxation states that the more money you make, the higher percentage you pay in taxes.

Accepted Answer

Progressive tax

Question 11

What is the amount of pay called before any deductions are taken?

Accepted Answer

Gross pay

Question 12

Debit cards offer the same purchase protection that credit cards do.

Accepted Answer

False

Question 13

What does FICA stand for?

Accepted Answer

Federal Insurance Contribution Act

Question 14

The Federal government does not own any U.S. banks outside the Federal Reserve.

Accepted Answer

True

Question 15

What does APR stand for when referring to credit cards?

Accepted Answer

Annual percentage rate charged over a year

Question 16

A budget includes all of the following except?

Accepted Answer

Interest

Question 17

This policy is meant to reduce economic growth by having lower government spending and higher taxes.

Accepted Answer

Contractionary policy

Question 18

The following are a few ways individuals can save money, except?

Accepted Answer

Checking account

Question 19

Banks fill all of the following roles in the economy except?

Accepted Answer

Facilitate brokerages

Question 20

This cause of inflation states, that when demand increases but supply stays the same then prices will go up.

Accepted Answer

Demand-Pull

Question 21

The inflation rate is made up of about 300 commonly purchased goods

Accepted Answer

False

Question 22

For which of the following would you generally need to save?

Accepted Answer

Retirement

Question 23

What are the two acceptable logos on the front of a debit card?

Accepted Answer

Mastercard and Visa

Question 24

What are routing numbers?

Accepted Answer

Numbers that identify each banking institution.

Question 25

Which of the following is NOT a financial investment?

Accepted Answer

Checking account

Question 26

If nothing else changes, supply is greater at higher prices than lower. This describes what?

Accepted Answer

Law of Supply

Question 27

Debit cards normally carry interest that you have to pay in addition to your balance.

Accepted Answer

False

Question 28

All of the following are causes of inflation except?

Accepted Answer

Workers demand higher min wage

Question 29

What is the law demand?

Accepted Answer

If nothing else changes, demand is greater at lower prices than higher

Question 30

What is demand?

Accepted Answer

The willingness to buy a good or service at all prices

Question 31

The government tracks the prices of the same goods and services each year. This is known as?

Accepted Answer

Market Basket

Question 32

Inflation hurts all of the following types of people except?

Accepted Answer

Borrowers

Question 33

This is how the government decides how to collect and spend money to influence the economy.

Accepted Answer

Fiscal policy

Question 34

What is the term to describe buying items today rather than saving the money?

Accepted Answer

Current Consumption

Question 35

Careful use of a credit card can help you build your overall credit score.

Accepted Answer

True

Question 36

"Banks" include commercial banks, savings and loan associations, and what?

Accepted Answer

Credit Unions

Question 37

This economic system has a few large sellers that dominate the industry. Entry into these markets is difficult.

Accepted Answer

Oligopoly

Question 38

This is a tax on general revenue levied on the manufacture or sale of selected items.

Accepted Answer

Excise tax

Question 39

Of the options below, Which one is an example of an oligopoly?

Accepted Answer

Verizon

Question 40

This type of money has its value assessed by the government.

Accepted Answer

Fiat money

Question 41

If Bruce Wayne wanted to donate his mansion to Mr. Price, what tax would he have to pay?

Accepted Answer

Gift tax

Question 42

Fast Food chains, such as KFC or Subway, are classified under which Economic system?

Accepted Answer

Monopolistic Competition

Question 43

In this type of unemployment, people take time to find a job (Standard unemployment)

Accepted Answer

Frictional

Question 44

FICA funds Social Security and Medicare.

Accepted Answer

True

Question 45

This policy is meant to encourage economic growth by higher government spending and tax cuts.

Accepted Answer

Expansionary policy

Question 46

This type of money has value apart from their value as money.

Accepted Answer

Commodity money

SLO 22-23

Questions 46

SLO 22-23

Questions 46