Trivia: A Quiz On Economics! Practice Exam!

1. Where did hotel magnate Steve Wynn attend college?

UCLA

Pennsylvania

Harvard

NYU

Steve Wynn attended college at Pennsylvania.

Explanation

Steve Wynn attended college at Pennsylvania.

2. Which of the following tends to have the highest growth over periods of time as long as 18 years?

Savings Account

Checking Account

Stocks

Government Savings Bond

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.

Explanation

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.

3. What was the federal minimum wage in the U.S. in 1982?

4.75

1.15

5.15

3.35

In 1982, the federal minimum wage in the U.S. was $3.35.

Explanation

In 1982, the federal minimum wage in the U.S. was $3.35.

4. What is the New York Biltmore Hotel connected to?

The United Nations

Grand Central Terminal

Penn Station

Empire State Building

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.

Explanation

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.

5. What did the Coral Gables Biltmore Hotel serve as during World War II?

Hospital

Command Center

Army Barracks

Missile Silo

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.

Explanation

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.

6. What is the 2005 Hawaii Transient Accommodations Tax rate?

3.50%

7.25%

12.80%

4.50%

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.

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.

7. The FDIC last changed its per-investor insurance limit in what year?

1960

1980

1970

1990

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.

Explanation

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.

8. Before joining the Board of Governors of the Federal Reserve, Ben Bernanke was chair of the Economics Department at what university?

Princeton

Yale

Harvard

Dartmouth

Before joining the Board of Governors of the Federal Reserve, Ben Bernanke was chair of the Economics Department at Princeton University.

Explanation

Before joining the Board of Governors of the Federal Reserve, Ben Bernanke was chair of the Economics Department at Princeton University.

9. The illegal act of taking advantage of the float to make use of non-existent funds in a checking account is called what?

Check Flipping

Check Skating

Check Switching

Check Kiting

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.

Explanation

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.

10. What native of Boston invented the stock ticker in 1863?

Edward A. Calahan

Samuel Morse

Thomas Edison

George B. Field

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.

Explanation

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.

11. The U.S. Government's Troubled Asset Relief Program was originally authorized to expend how much money?

$70 Billion

$7 Trillion

$7 Billion

$700 Billion

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.

Explanation

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.

12. Which of the following is usually not true of preferred stock?

It Is Callable At The Option Of The Corporation

It Grants A Vote In Shareholder Meetings

It Has Preference In Dividends.

It Is Convertible Into Common Stock

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.

Explanation

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.

13. In 1978, what Midwestern city became the first to default on its debts since the Great Depression?

Kansas City

Cleveland

St. Paul

Chicago

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.

Explanation

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.

14. What is the full name for the currency of the United Kingdom?

Gold Pound

Full Pound

Pound Sterling

Weighted Pound

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.

Explanation

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.