Trivia Quiz: Economics Exam Practice Questions!

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Trivia Quiz: Economics Exam Practice Questions! - Quiz

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Questions and Answers
  • 1. 

    What U.S. President legalized the home brewing of beer by signing an act of Congress in 1979?

    • A.

      Gerald Ford

    • B.

      George Bush

    • C.

      Ronald Reagan

    • D.

      Jimmy Carter

    Correct Answer
    D. Jimmy Carter
    Explanation
    In 1979, Jimmy Carter signed an act of Congress that legalized the home brewing of beer in the United States. This act allowed individuals to brew their own beer for personal use, lifting the previous prohibition on home brewing. This decision by Carter was seen as a way to promote small businesses and entrepreneurship, as well as to support the growing craft beer movement in the country.

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  • 2. 

    What product asked consumers to "Taste me, Taste me"?

    • A.

      Razzles

    • B.

      Equal

    • C.

      Doral

    • D.

      Twinkies

    Correct Answer
    C. Doral
  • 3. 

    What did the "lemon campaign" advertise in the '60s?

    • A.

      Citrus Growers Association

    • B.

      Ford Motor Company

    • C.

      United Fruit Company

    • D.

      Volkswagen

    Correct Answer
    D. Volkswagen
    Explanation
    The "lemon campaign" in the '60s advertised for Volkswagen. This suggests that Volkswagen used a marketing campaign centered around the concept of lemons to promote their brand or specific models during that time period.

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  • 4. 

    Who was on the U.S. dollar coin first minted in 1979?

    • A.

      Marie Curie

    • B.

      George Washington

    • C.

      Harriet Tubman

    • D.

      Susan B. Anthony

    Correct Answer
    D. Susan B. Anthony
    Explanation
    Susan B. Anthony was the first woman to be featured on a U.S. dollar coin, which was first minted in 1979. She was a prominent women's rights activist and played a crucial role in the women's suffrage movement. Anthony's appearance on the coin was a tribute to her contributions and advocacy for gender equality and women's rights.

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  • 5. 

    Which financial institute uses the cartoon "Peanuts" in their advertisements?

    • A.

      Dean Witter

    • B.

      Lincoln Investments

    • C.

      MetLife

    • D.

      Mass Mutual

    Correct Answer
    C. MetLife
    Explanation
    MetLife uses the cartoon "Peanuts" in their advertisements. This is a well-known fact as MetLife has been using characters like Snoopy and Charlie Brown from the "Peanuts" comic strip in their marketing campaigns for many years. The use of these beloved characters helps to create a friendly and approachable image for the financial institute, making it easily recognizable and relatable to a wide audience.

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  • 6. 

    Who was the founder of Wendy's restaurant chain?

    • A.

      John H. Schnatter

    • B.

      Wick Simmons

    • C.

      Dave Thomas

    • D.

      Ray Kroc

    Correct Answer
    C. Dave Thomas
    Explanation
    Dave Thomas is the founder of Wendy's restaurant chain. He opened the first Wendy's restaurant in 1969 in Columbus, Ohio. Thomas named the restaurant after his daughter, Melinda Lou "Wendy" Thomas. He played a crucial role in expanding the chain and developing its brand identity. Thomas was known for his hands-on approach and focus on quality, which helped Wendy's become a successful fast-food chain. His dedication to customer satisfaction and innovative menu offerings contributed to Wendy's growth and popularity in the fast-food industry.

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  • 7. 

    What did Ted Turner establish in 1980?

    • A.

      NBA's Atlanta Hawks

    • B.

      Cable News Network (CNN)

    • C.

      America Online

    • D.

      MGM Studios

    Correct Answer
    B. Cable News Network (CNN)
    Explanation
    In 1980, Ted Turner established Cable News Network (CNN). CNN is a news-based pay television channel that provides 24-hour news coverage. It was the first television channel to provide 24-hour news coverage and revolutionized the way news was delivered. CNN quickly became a major source of news and has since become one of the most widely recognized and influential news networks in the world.

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  • 8. 

    Which President's picture would you find on the U.S. dollar bill?

    • A.

      George Washington

    • B.

      John Adams

    • C.

      Thomas Jefferson

    • D.

      Abraham Lincoln

    Correct Answer
    A. George Washington
    Explanation
    George Washington's picture is found on the U.S. dollar bill. He was the first President of the United States and is often referred to as the "Father of His Country." Washington's image on the dollar bill symbolizes his significant role in the founding of the nation and his leadership during the American Revolutionary War.

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  • 9. 

    Which is not considered to be goods that people may buy?

    • A.

      Groceries

    • B.

      Toys

    • C.

      Clothes

    • D.

      Cutting The Grass

    Correct Answer
    D. Cutting The Grass
    Explanation
    Cutting the grass is not considered to be a good that people may buy because it is a service rather than a tangible product. Groceries, toys, and clothes are all examples of goods that people typically purchase. However, cutting the grass is a task that is often done by individuals themselves or hired professionals, rather than being bought as a physical item.

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  • 10. 

    Which is not considered a service?

    • A.

      Trash Pickup

    • B.

      Painting The House

    • C.

      Dental Work

    • D.

      Milk And Eggs

    Correct Answer
    D. Milk And Eggs
    Explanation
    Milk and eggs are not considered a service because they are tangible goods that can be purchased and consumed. Services, on the other hand, refer to activities or tasks performed by individuals or businesses to meet the needs of others. Trash pickup, painting the house, and dental work all involve providing a service to someone else.

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  • 11. 

    In the United States, one way to become an accredited investor is to have a net worth above what amount?

    • A.

      250000

    • B.

      1500000

    • C.

      500000

    • D.

      1000000

    Correct Answer
    D. 1000000
    Explanation
    To become an accredited investor in the United States, one must have a net worth above $1,000,000. This requirement is in place to ensure that individuals who invest in certain securities have a certain level of financial sophistication and can bear the risks associated with these investments. By setting a high net worth threshold, regulators aim to protect investors from potential losses and scams. Having a net worth above $1,000,000 demonstrates that an individual has the financial means to invest in higher-risk opportunities and is considered a qualified investor.

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  • 12. 

    At what time does the New York Stock Exchange open each day?

    • A.

      10:30 AM

    • B.

      10:00 AM

    • C.

      9:30 AM

    • D.

      9:00 AM

    Correct Answer
    C. 9:30 AM
    Explanation
    The New York Stock Exchange opens each day at 9:30 AM. This is the standard opening time for the exchange and has been followed for many years. It allows traders and investors to start trading and conducting business at the beginning of the trading day. This opening time also aligns with the opening of other major stock exchanges around the world, allowing for global coordination and trading activities.

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  • 13. 

    Bridge loans are commonly issued in what situation?

    • A.

      The Borrower Is On The Brink Of Foreclosure.

    • B.

      The Borrower Intends To Stay In Their Current Home.

    • C.

      The Borrower Is Buying Their First Home.

    • D.

      The Borrower Has An Unsold Home On The Market.

    Correct Answer
    D. The Borrower Has An Unsold Home On The Market.
    Explanation
    Bridge loans are commonly issued when the borrower has an unsold home on the market. This type of loan provides temporary financing to bridge the gap between the sale of the current home and the purchase of a new one. It allows the borrower to access funds for the down payment on the new home while waiting for the sale of their existing property. Once the old home is sold, the bridge loan is repaid. This situation is common when homeowners are looking to upgrade to a new home but haven't yet sold their current one.

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  • 14. 

    What is the term for a day trader who is not affiliated with a major financial institution?

    • A.

      Retail Day Trader

    • B.

      Freelance Day Trader

    • C.

      Solo Day Trader

    • D.

      Ronin Day Trader

    Correct Answer
    A. Retail Day Trader
    Explanation
    A retail day trader refers to an individual who engages in day trading activities independently, without being associated with a major financial institution. This term is used to distinguish them from institutional day traders who work for large financial firms. Retail day traders typically trade their own funds and operate from their personal accounts. They often rely on online brokerage platforms to execute their trades and are not subject to the same regulations and restrictions as institutional traders.

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  • 15. 

    What does the "AR" stand for in an ARM?

    • A.

      Annual Rate

    • B.

      Adjustable Rate

    • C.

      Arbitrary Rate

    • D.

      Accepted Rate

    Correct Answer
    B. Adjustable Rate
    Explanation
    The "AR" in an ARM stands for Adjustable Rate. This refers to the fact that the interest rate on the loan can fluctuate over time. Unlike a fixed-rate mortgage, where the interest rate remains the same throughout the loan term, an adjustable-rate mortgage allows the interest rate to adjust periodically based on market conditions. This can result in changes to the monthly mortgage payment, making it important for borrowers to understand and plan for potential rate adjustments.

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