World Economy! Trivia Questions Quiz

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Questions: 15 | Attempts: 226

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World Economy! Trivia Questions Quiz - Quiz

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Questions and Answers
  • 1. 

    For people born before 1937, what is the earliest age you can start receiving Social Security benefits?

    • A.

      64

    • B.

      65

    • C.

      62

    • D.

      63

    Correct Answer
    C. 62
    Explanation
    For people born before 1937, the earliest age to start receiving Social Security benefits is 62. This is because the Social Security Act was passed in 1935, and the age to receive full retirement benefits gradually increased over time. However, for individuals born before 1937, they have the option to start receiving reduced benefits at age 62.

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  • 2. 

    What European country's debt was downgraded to junk bond status in 2010, causing a financial panic?

    • A.

      Slovenia

    • B.

      Croatia

    • C.

      Greece

    • D.

      Iceland

    Correct Answer
    C. Greece
    Explanation
    In 2010, Greece's debt was downgraded to junk bond status, leading to a financial panic. This downgrade meant that Greece's government bonds were considered high-risk investments, causing investors to lose confidence in the country's ability to repay its debt. This led to a significant increase in borrowing costs for Greece and further exacerbated its financial crisis. The downgrade of Greece's debt to junk bond status had far-reaching implications not only for Greece but also for the entire European Union and global financial markets.

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  • 3. 

    What is it called when a stock increases in price and decreases in the number of shares outstanding?

    • A.

      Inverted Split

    • B.

      Stock Split

    • C.

      Double Split

    • D.

      Reverse Split

    Correct Answer
    D. Reverse Split
    Explanation
    A reverse split is when a stock's price increases and the number of shares outstanding decreases. This is typically done by a company to boost the stock price and make it more attractive to investors. In a reverse split, shareholders receive fewer shares for each share they own, but the value of each share increases proportionally. This can help improve the company's financial position and increase the stock's liquidity.

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  • 4. 

    If you would enjoy a cookie that costs $4 more than a cookie that costs $1, then the $4 cookie has a greater...

    • A.

      Utility

    • B.

      Elasticity

    • C.

      Value

    • D.

      Externality

    Correct Answer
    A. Utility
    Explanation
    The correct answer is Utility. Utility refers to the satisfaction or pleasure that a person derives from consuming a good or service. In this scenario, the $4 cookie is said to bring more enjoyment or satisfaction compared to the $1 cookie. Therefore, the $4 cookie has a greater utility.

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  • 5. 

    What type of war bond was sold by the United States during World War I?

    • A.

      Victory Bonds

    • B.

      Patriot Bonds

    • C.

      Freedom Bonds

    • D.

      Liberty Bonds

    Correct Answer
    D. Liberty Bonds
    Explanation
    During World War I, the United States sold Liberty Bonds as a way to raise funds to support the war effort. Liberty Bonds were a type of war bond that allowed citizens to lend money to the government. These bonds were considered a patriotic duty and were marketed as a way for individuals to contribute to the war and support their country. The funds raised from the sale of Liberty Bonds were used to finance military operations and other war-related expenses.

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  • 6. 

    When dealing with U.S. government loans, what do the letters VA usually stand for?

    • A.

      Value Added

    • B.

      Variable Annuity

    • C.

      Veteran's Administration

    • D.

      Validation Authority

    Correct Answer
    C. Veteran's Administration
    Explanation
    The letters VA usually stand for Veteran's Administration when dealing with U.S. government loans. The Veteran's Administration is a government agency that provides various benefits and services to veterans, including home loans. This agency helps veterans and their families by guaranteeing loans made by private lenders, allowing them to obtain favorable loan terms and conditions.

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  • 7. 

    The world's oldest futures and options exchange is located in what U.S. city?

    • A.

      Boston

    • B.

      Philadelphia

    • C.

      New York

    • D.

      Chicago

    Correct Answer
    D. Chicago
    Explanation
    Chicago is the correct answer because it is home to the world's oldest futures and options exchange, the Chicago Board of Trade (CBOT). Established in 1848, CBOT has played a significant role in the development of derivatives trading and remains a major hub for commodity futures and options trading. The exchange's long history and influential position in the financial industry make Chicago the rightful location for the oldest futures and options exchange in the world.

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  • 8. 

    In what year did the United States abandon the Gold Standard?

    • A.

      1947

    • B.

      1971

    • C.

      1990

    • D.

      1888

    Correct Answer
    B. 1971
    Explanation
    In 1971, the United States abandoned the Gold Standard. This means that the US government stopped redeeming its currency for gold and allowed the value of the dollar to float freely in the foreign exchange market. This decision was made in response to economic challenges and to give the government more flexibility in managing the economy. Abandoning the Gold Standard had significant implications for global financial systems and paved the way for a more flexible and dynamic monetary system.

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  • 9. 

    What term is used to denote a mortgage that probably will not ever be repaid?

    • A.

      Toxic Mortgage

    • B.

      Phantom Mortgage

    • C.

      Ghost Mortgage

    • D.

      Poison Mortgage

    Correct Answer
    A. Toxic Mortgage
    Explanation
    A toxic mortgage refers to a type of mortgage that is highly risky and has a high likelihood of not being repaid. This term is used to describe mortgages that were given to borrowers who had a low credit rating or were unable to meet the necessary requirements for a traditional mortgage. These toxic mortgages often have high interest rates and unfavorable terms, making it difficult for borrowers to make their payments. As a result, these mortgages are likely to default, leading to financial losses for lenders and investors.

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  • 10. 

    In terms of stock prices, in which year did the dot-com bubble reach its peak?

    • A.

      2000

    • B.

      1996

    • C.

      2003

    • D.

      2005

    Correct Answer
    A. 2000
    Explanation
    The dot-com bubble refers to the rapid rise and subsequent crash of stock prices of internet-based companies in the late 1990s and early 2000s. The peak of this bubble occurred in the year 2000 when stock prices reached their highest point before plummeting. This is evident from the fact that the correct answer is 2000.

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  • 11. 

    What's the general term for a tax on foreign goods?

    • A.

      Tariff

    • B.

      Sin Tax

    • C.

      Excise

    • D.

      Transfer Tax

    Correct Answer
    A. Tariff
    Explanation
    A general term for a tax on foreign goods is a tariff. A tariff is a tax imposed on goods that are imported into a country from abroad. It is usually levied to protect domestic industries and to generate revenue for the government. Tariffs can be specific (a fixed amount per unit) or ad valorem (a percentage of the value of the goods). They are commonly used as a tool in international trade to regulate imports and exports.

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  • 12. 

    In the United States, what number is located in the bottom left corner of a check?

    • A.

      Bank Routing Number

    • B.

      Check Number

    • C.

      Bank Account Number

    • D.

      Tracking Number

    Correct Answer
    A. Bank Routing Number
    Explanation
    The bank routing number is located in the bottom left corner of a check in the United States. This number is a nine-digit code that identifies the financial institution where the check is drawn from. It is used to facilitate the electronic transfer of funds between banks. The bank routing number is essential for ensuring that the funds are properly directed to the correct bank and account.

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  • 13. 

    As of August, 2011, what U.S. state has the highest per-pack tax on cigarettes?

    • A.

      Texas

    • B.

      California

    • C.

      New York

    • D.

      Vermont

    Correct Answer
    C. New York
    Explanation
    New York has the highest per-pack tax on cigarettes as of August 2011. This means that when purchasing a pack of cigarettes in New York, the tax imposed on it is the highest compared to other U.S. states.

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  • 14. 

    The Financial Panic of 1837 occurred during the administration of which U.S. President?

    • A.

      Andrew Jackson

    • B.

      Martin Van Buren

    • C.

      John Tyler

    • D.

      John Quincy Adams

    Correct Answer
    B. Martin Van Buren
    Explanation
    The Financial Panic of 1837 occurred during the administration of Martin Van Buren. Van Buren took office in 1837, just as the panic was beginning. The panic was caused by a combination of factors, including rampant speculation in land and the bursting of the speculative bubble, leading to widespread bank failures and an economic depression. Van Buren's presidency was heavily impacted by the panic, and his handling of the crisis was a significant factor in his political downfall.

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  • 15. 

    Which of the following countries does not use the Euro as its currency?

    • A.

      Norway

    • B.

      Cyprus

    • C.

      Slovakia

    • D.

      Slovenia

    Correct Answer
    A. Norway
    Explanation
    Norway does not use the Euro as its currency. While Cyprus, Slovakia, and Slovenia are all members of the Eurozone and use the Euro, Norway is not part of the European Union and has its own currency, the Norwegian Krone.

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