Economics And Finance IQ Quiz

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| By April Smith
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April Smith
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Quizzes Created: 28 | Total Attempts: 20,827
Questions: 20 | Attempts: 258

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Economics Quizzes & Trivia

Questions and Answers
  • 1. 

    Who was the president of the United States during the Depression of 1893?

    • A.

      Rutherford B. Hayes

    • B.

      Grover Cleveland

    • C.

      William McKinley

    • D.

      Teddy Roosevelt

    Correct Answer
    B. Grover Cleveland
    Explanation
    Grover Cleveland was the president of the United States during the Depression of 1893. He served two non-consecutive terms, from 1885 to 1889 and from 1893 to 1897. The depression of 1893 was one of the most severe economic crises in American history, characterized by bank failures, high unemployment rates, and a decline in industrial production. Cleveland's response to the depression focused on fiscal conservatism and maintaining the gold standard, which some criticized as exacerbating the economic downturn. Despite the challenges, Cleveland managed to stabilize the economy by the end of his second term.

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  • 2. 

    _______________________ is a term referring to foreign countries.

    • A.

      Abroad

    • B.

      Immigrant

    • C.

      Currency

    • D.

      Economy

    Correct Answer
    A. Abroad
    Explanation
    The term "abroad" refers to foreign countries. It is commonly used to describe a person or something that is located or taking place in a foreign country. It is often used when talking about traveling or living in another country that is different from one's own.

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  • 3. 

    I am _______________________ if I can't pay my debts.

    • A.

      Bankrupt

    • B.

      Installments

    • C.

      Manufacturing

    • D.

      Financial

    Correct Answer
    A. Bankrupt
    Explanation
    The correct answer is "bankrupt". If someone is unable to pay their debts, they are considered bankrupt. This means that they are legally declared unable to repay their debts and their assets are used to settle their outstanding obligations. Being bankrupt is a financial state of insolvency where a person or business is unable to meet their financial obligations.

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  • 4. 

    ______________________________ are monopolies or an agreements among competitors to set high prices to get rid of competition.  

    • A.

      Installments

    • B.

      Business Trusts

    • C.

      Mortgages

    • D.

      Stock Markets

    Correct Answer
    B. Business Trusts
    Explanation
    Business trusts are monopolies or agreements among competitors to set high prices to get rid of competition. Business trusts are a form of business organization where a group of companies come together and transfer their assets to a trust. This trust then issues shares to the shareholders, who receive dividends based on the profits generated by the trust. In some cases, business trusts can be used to eliminate competition by setting high prices and controlling the market, thereby creating a monopoly-like situation.

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  • 5. 

    A _________________ is a failure to pay a debt.

    • A.

      Default

    • B.

      Import

    • C.

      Exchange

    • D.

      Money panic

    Correct Answer
    A. Default
    Explanation
    A default is a failure to pay a debt. It occurs when a borrower fails to make the required payments on a loan or debt obligation. This can happen with any type of debt, such as credit card debt, mortgages, or loans. When a default occurs, it can have serious consequences for the borrower, including damage to their credit score, legal action from the lender, and difficulty obtaining future credit.

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  • 6. 

    A ________________________ is a long period during which the economy is poor and goes through deflation; however, instead of the economy recovering when merchants lower their prices like in deflation, people are so broke that they don't  buy things no matter how low prices go.

    • A.

      Depression

    • B.

      Money panic

    • C.

      Foreclosure

    • D.

      Default

    Correct Answer
    A. Depression
    Explanation
    A depression is a long period during which the economy is poor and goes through deflation. In a depression, people are so broke that they don't buy things no matter how low prices go, unlike in deflation where the economy can recover when merchants lower their prices.

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  • 7. 

    During the Gilded Age when the nation was on the gold standard, you could _________________ paper money in return for a certain amount of gold that had the same worth.  

    • A.

      Exchange

    • B.

      Income

    • C.

      Loan

    • D.

      Default

    Correct Answer
    A. Exchange
    Explanation
    During the Gilded Age when the nation was on the gold standard, you could exchange paper money in return for a certain amount of gold that had the same worth. This means that individuals could trade their paper money for an equivalent value of gold. This was possible because the value of the paper money was directly linked to the amount of gold reserves held by the government. Therefore, individuals had the option to exchange their paper money for gold, ensuring that their currency held the same worth.

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  • 8. 

    ________________________ is when a bank takes away a mortgaged property because the borrower failed to make mortgage payments.  

    • A.

      Foreclosure

    • B.

      Income

    • C.

      Money Panic

    • D.

      Business Trust

    Correct Answer
    A. Foreclosure
    Explanation
    Foreclosure is the process in which a bank seizes a mortgaged property because the borrower has defaulted on their mortgage payments. This typically occurs when the borrower is unable to make the required payments and falls into arrears. The bank then takes legal action to repossess the property and sell it in order to recover the outstanding debt.

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  • 9. 

    ________________________ are businesses in other countries who are trying to sell the same products as the U.S.

    • A.

      Foreign competitors

    • B.

      Imports

    • C.

      Installments

    • D.

      Manufacturers

    Correct Answer
    A. Foreign competitors
    Explanation
    Foreign competitors refers to businesses in other countries who are trying to sell the same products as the U.S. This means that these businesses are competing with U.S. companies in the global market, offering similar products to consumers. They may have different pricing strategies, marketing techniques, and product features, but they are all vying for the same customers and market share. It is important for U.S. businesses to understand and analyze their foreign competitors in order to stay competitive and adapt their strategies accordingly.

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  • 10. 

    _________________________ are goods bought from other countries and brought into the U.S.

    • A.

      Imports

    • B.

      Foreign Competitors

    • C.

      Installments

    • D.

      Abroad

    Correct Answer
    A. Imports
    Explanation
    Imports refer to goods that are purchased from other countries and brought into the U.S. This can include a wide range of products, such as electronics, clothing, and food. Imports are an important part of international trade and can have a significant impact on a country's economy. By importing goods, countries can access a wider variety of products and potentially benefit from lower prices or higher quality items.

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  • 11. 

    _______________________ is the money you are paid for performing a job.  

    • A.

      Installments

    • B.

      Income

    • C.

      Trust

    • D.

      Foreclosure

    Correct Answer
    B. Income
    Explanation
    Income refers to the money that a person receives for performing a job or providing a service. It is the payment or compensation that an individual earns as a result of their employment. Income can come in various forms, such as wages, salaries, commissions, or bonuses. It is a crucial aspect of one's financial well-being and is used to meet daily expenses, save for the future, and fulfill financial goals.

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  • 12. 

    ___________________________ are when a large payment is made in small payments over an extended period of time.

    • A.

      Installments

    • B.

      Income

    • C.

      Defaults

    • D.

      Exchanges

    Correct Answer
    A. Installments
    Explanation
    Installments are a form of payment where a large amount is divided into smaller payments and paid over a longer period of time. This allows individuals or businesses to make a purchase or pay off a debt gradually, rather than paying the full amount upfront. Installments are commonly used for big-ticket items like cars, houses, or appliances, as well as for loans or credit card payments. By spreading out the payments, installments make it more affordable for people to make large purchases and manage their finances effectively.

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  • 13. 

    ________________________________ means to make from raw materials by hand or by machinery.  

    • A.

      Manufacture

    • B.

      Import

    • C.

      Exchange

    • D.

      Stock

    Correct Answer
    A. Manufacture
    Explanation
    Manufacture refers to the process of creating or producing something from raw materials, either by hand or by using machinery. It involves transforming the raw materials into a finished product through various steps such as cutting, shaping, assembling, and packaging. This term is commonly used in the context of industrial production, where goods are made on a large scale for commercial purposes. The other options, import, exchange, and stock, do not specifically relate to the process of creating products from raw materials.

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  • 14. 

    ___________________________ is when people fear that their money is about to lose value so they run to banks to exchange their paper currency for gold.

    • A.

      Money Panic

    • B.

      Stock Market

    • C.

      Exchange

    • D.

      Depression

    Correct Answer
    A. Money Panic
    Explanation
    Money panic refers to a situation where people fear that their money is about to lose value, leading them to rush to banks to exchange their paper currency for gold. This behavior is driven by the belief that gold holds its value better than paper currency during times of economic uncertainty. The term "money panic" captures the sense of fear and urgency that drives individuals to take such actions.

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  • 15. 

    A ____________________ is the debt you pay on a loan used to buy a house or piece of land.  

    • A.

      Mortgage

    • B.

      Income

    • C.

      Installment

    • D.

      Default

    Correct Answer
    A. Mortgage
    Explanation
    A mortgage is the debt you pay on a loan used to buy a house or piece of land.

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  • 16. 

    A __________________ is a unit of ownership in a company.

    • A.

      Share

    • B.

      Income

    • C.

      Mortgage

    • D.

      Import

    Correct Answer
    A. Share
    Explanation
    A share is a unit of ownership in a company. It represents a portion of the company's capital and entitles the shareholder to certain rights, such as voting rights and a share in the company's profits. Shareholders can buy and sell shares in the stock market, and the value of shares can fluctuate based on market conditions and the performance of the company.

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  • 17. 

    A place where shares in companies, are bought and sold is called a _______________________.

    • A.

      Stock Market

    • B.

      Business Trust

    • C.

      Installment Agency

    • D.

      Government Bond

    Correct Answer
    A. Stock Market
    Explanation
    A stock market is a place where shares in companies are bought and sold. It is a platform where investors can trade stocks, which represent ownership in a company. The stock market provides a way for companies to raise capital by selling shares to the public, and for investors to buy and sell those shares based on their expectations of the company's performance. It is an essential component of the financial system, facilitating the flow of funds between investors and companies.

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  • 18. 

    A ________________________ is a tax on foreign goods to make them more expensive.  

    • A.

      Tariff

    • B.

      Import

    • C.

      Installment

    • D.

      Share

    Correct Answer
    A. Tariff
    Explanation
    A tariff is a tax imposed on foreign goods in order to increase their cost. This is done to protect domestic industries by making imported goods more expensive and less competitive in the domestic market. By imposing tariffs, the government aims to promote local production and consumption, thereby supporting domestic businesses and safeguarding national economic interests.

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  • 19. 

    Those who do not have a job are ______________________.

    • A.

      Unemployed

    • B.

      Abroad

    • C.

      Monetary

    • D.

      Fiscal

    Correct Answer
    A. Unemployed
    Explanation
    The word "unemployed" refers to individuals who do not have a job. It is commonly used to describe people who are actively seeking employment but are currently without work. This term is often used in economic and labor market discussions to refer to the portion of the population that is not employed.

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  • 20. 

    _________________________ occurred in the 1890s and was when people feared that their money was about to lose value - (the amount of gold that can be exchanged for paper currency in less than it was when it was first exchanged.) - so large masses of people ran to banks to immediately exchange their paper currency for gold so they would not lose money.  

    • A.

      The Panic of 1893

    • B.

      The Great Depression

    • C.

      The Populist Movement

    • D.

      The Civil War

    Correct Answer
    A. The Panic of 1893
    Explanation
    During the Panic of 1893, people were afraid that the value of their money would decrease. This fear led to a rush of people going to banks to exchange their paper currency for gold, as gold was considered a more stable form of currency. This mass movement of people trying to secure their money contributed to the panic and economic downturn of the time.

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Oct 10, 2013
    Quiz Created by
    April Smith
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