Trivia: A Quiz On Economics! Practice Exam!
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Questions and Answers
- 1.
What was the federal minimum wage in the U.S. in 1982?
- A.
3.35
- B.
4.75
- C.
1.15
- D.
5.15
Correct Answer
A. 3.35Explanation
In 1982, the federal minimum wage in the U.S. was $3.35.Rate this question:
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- 2.
What is the New York Biltmore Hotel connected to?
- A.
Empire State Building
- B.
The United Nations
- C.
Grand Central Terminal
- D.
Penn Station
Correct Answer
C. Grand Central TerminalExplanation
The New York Biltmore Hotel is connected to Grand Central Terminal. This means that there is a direct physical connection between the two buildings, possibly through an underground passage or a covered walkway. The proximity to Grand Central Terminal would provide convenient access to transportation options, making it a desirable location for visitors staying at the hotel.Rate this question:
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- 3.
What did the Coral Gables Biltmore Hotel serve as during World War II?
- A.
Missile Silo
- B.
Hospital
- C.
Command Center
- D.
Army Barracks
Correct Answer
B. HospitalExplanation
During World War II, the Coral Gables Biltmore Hotel served as a hospital. This was a common practice during the war, as many hotels and large buildings were repurposed to accommodate the medical needs of the armed forces. Converting the hotel into a hospital provided a suitable space for treating wounded soldiers and allowed for efficient medical operations.Rate this question:
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- 4.
What is the 2005 Hawaii Transient Accommodations Tax rate?
- A.
4.50%
- B.
3.50%
- C.
7.25%
- D.
12.80%
Correct Answer
C. 7.25%Explanation
The correct answer is 7.25%. This is the rate of the Hawaii Transient Accommodations Tax in 2005. This tax is imposed on the gross rental proceeds from the transient accommodations, such as hotels and vacation rentals, in the state of Hawaii.Rate this question:
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- 5.
Where did hotel magnate Steve Wynn attend college?
- A.
NYU
- B.
UCLA
- C.
Pennsylvania
- D.
Harvard
Correct Answer
C. PennsylvaniaExplanation
Steve Wynn attended college at Pennsylvania.Rate this question:
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- 6.
The FDIC last changed its per-investor insurance limit in what year?
- A.
1990
- B.
1960
- C.
1980
- D.
1970
Correct Answer
C. 1980Explanation
In 1980, the FDIC (Federal Deposit Insurance Corporation) last changed its per-investor insurance limit. This means that the amount of money that the FDIC guarantees to reimburse an individual investor in the event of a bank failure was last updated in 1980. This information is important for individuals who want to ensure the safety of their deposits in financial institutions.Rate this question:
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- 7.
Before joining the Board of Governors of the Federal Reserve, Ben Bernanke was chair of the Economics Department at what university?
- A.
Dartmouth
- B.
Princeton
- C.
Yale
- D.
Harvard
Correct Answer
B. PrincetonExplanation
Before joining the Board of Governors of the Federal Reserve, Ben Bernanke was chair of the Economics Department at Princeton University.Rate this question:
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- 8.
The illegal act of taking advantage of the float to make use of non-existent funds in a checking account is called what?
- A.
Check Kiting
- B.
Check Flipping
- C.
Check Skating
- D.
Check Switching
Correct Answer
A. Check KitingExplanation
Check kiting is the illegal act of taking advantage of the time it takes for funds to be transferred between banks. It involves writing a check from one bank account with insufficient funds and depositing it into another account, then withdrawing the funds before the check clears. This creates the illusion of having more funds in the account than actually available. This practice is fraudulent and can lead to criminal charges.Rate this question:
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- 9.
What native of Boston invented the stock ticker in 1863?
- A.
George B. Field
- B.
Edward A. Calahan
- C.
Samuel Morse
- D.
Thomas Edison
Correct Answer
B. Edward A. CalahanExplanation
Edward A. Calahan is the correct answer because he invented the stock ticker in 1863. The stock ticker was a device used to transmit stock prices over long distances, revolutionizing the way financial information was disseminated. Calahan's invention greatly improved the efficiency and speed of stock trading, making it easier for investors to access real-time market information. This invention had a significant impact on the financial industry and paved the way for future advancements in stock market technology.Rate this question:
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- 10.
The U.S. Government's Troubled Asset Relief Program was originally authorized to expend how much money?
- A.
$700 Billion
- B.
$70 Billion
- C.
$7 Trillion
- D.
$7 Billion
Correct Answer
A. $700 BillionExplanation
The U.S. Government's Troubled Asset Relief Program (TARP) was initially authorized to expend $700 billion. TARP was established in 2008 to stabilize the financial system during the global financial crisis. The program aimed to purchase troubled assets from financial institutions, provide capital injections, and support mortgage relief efforts. The significant amount of $700 billion was allocated to address the urgent need for liquidity and stability in the financial markets.Rate this question:
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- 11.
Which of the following is usually not true of preferred stock?
- A.
It Is Convertible Into Common Stock
- B.
It Is Callable At The Option Of The Corporation
- C.
It Grants A Vote In Shareholder Meetings
- D.
It Has Preference In Dividends.
Correct Answer
C. It Grants A Vote In Shareholder MeetingsExplanation
Preferred stock usually does not grant a vote in shareholder meetings. Unlike common stock, which typically grants voting rights to shareholders, preferred stock is often issued without voting rights. This means that preferred stockholders do not have a say in the decision-making process of the company, such as electing board members or approving major corporate actions. Instead, preferred stockholders typically receive a fixed dividend payment and have priority over common stockholders when it comes to receiving dividends or assets in the event of liquidation.Rate this question:
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- 12.
In 1978, what Midwestern city became the first to default on its debts since the Great Depression?
- A.
Chicago
- B.
Kansas City
- C.
Cleveland
- D.
St. Paul
Correct Answer
C. ClevelandExplanation
In 1978, Cleveland became the first Midwestern city to default on its debts since the Great Depression. This means that the city was unable to repay its debts, causing a financial crisis. This event was significant because it highlighted the economic struggles faced by many cities during that time period.Rate this question:
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- 13.
What is the full name for the currency of the United Kingdom?
- A.
Weighted Pound
- B.
Gold Pound
- C.
Full Pound
- D.
Pound Sterling
Correct Answer
D. Pound SterlingExplanation
The correct answer is Pound Sterling. Pound Sterling is the full name for the currency of the United Kingdom. It is commonly referred to as the pound and is denoted by the symbol £. The term "sterling" is used to differentiate it from other currencies with the same name. The currency has a long history and is widely accepted and used throughout the United Kingdom.Rate this question:
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- 14.
Which of the following tends to have the highest growth over periods of time as long as 18 years?
- A.
Government Savings Bond
- B.
Savings Account
- C.
Checking Account
- D.
Stocks
Correct Answer
D. StocksExplanation
Stocks tend to have the highest growth over periods of time as long as 18 years. This is because stocks represent ownership in a company, and as the company grows and becomes more profitable, the value of the stocks also increases. Additionally, stocks have the potential for dividends, which are payments made to shareholders from the company's profits. This combination of capital appreciation and potential dividends makes stocks a popular choice for long-term growth.Rate this question:
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Mar 21, 2023Quiz Edited by
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Mar 18, 2015Quiz Created by
Cambronbill3
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