The Ultimate Fan Quiz On Economics

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Economics Quizzes & Trivia

Can you answer all these questions about Economics?


Questions and Answers
  • 1. 

    The investment term UIT stands for Unit Investment what?

    • A.

      Timetable

    • B.

      Trading

    • C.

      Trust

    • D.

      Transfer

    Correct Answer
    C. Trust
    Explanation
    The investment term UIT stands for Unit Investment Trust. A Unit Investment Trust is a type of investment company that offers a fixed portfolio of securities, such as stocks or bonds, which are held in trust for a specific period of time. Investors can buy units or shares of the trust, which represent a proportional ownership of the underlying securities. The trust is managed by a trustee, who ensures that the investments are managed according to the trust's objectives and guidelines.

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  • 2. 

    When was the motto "In God We Trust" first added to U.S. paper money?

    • A.

      1957

    • B.

      1897

    • C.

      1867

    • D.

      1927

    Correct Answer
    A. 1957
    Explanation
    In 1957, the motto "In God We Trust" was first added to U.S. paper money. This addition was a result of the passage of the "In God We Trust" Act by Congress in 1955, which mandated the inclusion of the motto on all U.S. currency. The motto was added to reaffirm the religious heritage of the United States and to reflect the belief in a higher power.

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  • 3. 

    Which of the following assets could be categorized as "near money"?

    • A.

      Real Estate

    • B.

      Inventory

    • C.

      Certificates Of Deposit

    • D.

      Mutual Funds

    Correct Answer
    C. Certificates Of Deposit
    Explanation
    Certificates of Deposit (CDs) could be categorized as "near money" because they are highly liquid and can be easily converted into cash. Unlike real estate or inventory, which may take time to sell and convert into cash, CDs can be quickly redeemed before their maturity date. Mutual funds, although they can be liquidated relatively quickly, may still involve some processing time and potential fees, making CDs a more suitable asset to be considered as "near money".

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  • 4. 

    The Federal Reserve's 1st district is centered around which city's Reserve Bank?

    • A.

      Philadelphia

    • B.

      Chicago

    • C.

      Boston

    • D.

      New York

    Correct Answer
    C. Boston
    Explanation
    The correct answer is Boston because the question asks about the Federal Reserve's 1st district, which is centered around the city's Reserve Bank.

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  • 5. 

    What is the interest rate for "Patriot" EE bonds as of December 1, 2011?

    • A.

      0.50%

    • B.

      0.75%

    • C.

      0.60%

    • D.

      0.90%

    Correct Answer
    C. 0.60%
    Explanation
    The interest rate for "Patriot" EE bonds as of December 1, 2011, is 0.60%.

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  • 6. 

    During the U.S. Civil War, approximately what percentage of the Union's war effort was financed through war bonds?

    • A.

      62%

    • B.

      31%

    • C.

      42%

    • D.

      27%

    Correct Answer
    A. 62%
    Explanation
    During the U.S. Civil War, war bonds played a crucial role in financing the Union's war effort. The high percentage of 62% suggests that a significant portion of the Union's war expenses were covered through the sale of war bonds. This indicates that the government relied heavily on public investment and citizen support to fund the war, highlighting the importance of financial contributions from the general population during this period.

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  • 7. 

    Which of the following types of student loans does not accumulate interest while borrower is still in school?

    • A.

      Unsubsidized

    • B.

      Unlinked

    • C.

      Subsidized

    • D.

      Linked

    Correct Answer
    C. Subsidized
    Explanation
    Subsidized student loans do not accumulate interest while the borrower is still in school. This means that the government pays the interest on the loan while the student is enrolled in school, during the grace period after graduation, and during deferment periods. This is different from unsubsidized loans, which do accumulate interest while the borrower is in school. Therefore, the correct answer is subsidized.

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  • 8. 

    The U.S. half-cent coin was last minted in what year?

    • A.

      1797

    • B.

      1827

    • C.

      1887

    • D.

      1857

    Correct Answer
    D. 1857
    Explanation
    The correct answer is 1857. This is the year when the U.S. half-cent coin was last minted.

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  • 9. 

    What does the "F" in the multinational organization IMF stand for?

    • A.

      Federation

    • B.

      Fund

    • C.

      Finance

    • D.

      Franτaise

    Correct Answer
    B. Fund
    Explanation
    The correct answer is "Fund." The "F" in the multinational organization IMF stands for "Fund." The International Monetary Fund (IMF) is an international financial institution that provides financial assistance and advice to member countries in order to promote global economic stability and growth.

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  • 10. 

    Goods that can replace each other in use as a result of situational changes are called...

    • A.

      Complementary Goods

    • B.

      Equivalent Goods

    • C.

      Positional Goods

    • D.

      Substitute Goods

    Correct Answer
    D. Substitute Goods
    Explanation
    Substitute goods are goods that can be used as alternatives to each other in certain situations. When there is a change in the price or availability of one good, consumers may choose to purchase a substitute good instead. For example, if the price of coffee increases significantly, some consumers may switch to drinking tea instead. Therefore, substitute goods are those that can replace each other in use due to situational changes.

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  • 11. 

    As of 2011, which of the following Caribbean nations is not a full member of CARICOM?

    • A.

      Trinidad And Tobago

    • B.

      Grenada

    • C.

      Jamaica

    • D.

      Aruba

    Correct Answer
    D. Aruba
    Explanation
    Aruba is not a full member of CARICOM as of 2011. CARICOM, the Caribbean Community, is an organization that promotes economic integration and cooperation among its member states. While Trinidad and Tobago, Grenada, and Jamaica are all full members of CARICOM, Aruba is not included in the list. This suggests that Aruba has not yet attained full membership status within CARICOM.

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  • 12. 

    Which of the following is true of a debenture?

    • A.

      It Is Not Subordinate To Secured Debt

    • B.

      It Carries Liens Or Pledges On Specific Assets

    • C.

      It Is Backed By Collateral

    • D.

      It Is Used For Long-Term Debt

    Correct Answer
    D. It Is Used For Long-Term Debt
    Explanation
    A debenture is a type of long-term debt instrument that is used by companies to raise capital. Unlike secured debt, a debenture is not backed by specific collateral or assets. Instead, it relies on the creditworthiness and reputation of the issuer. Therefore, the statement "It Is Used For Long-Term Debt" is true because debentures are typically issued with longer maturities, often ranging from 10 to 30 years.

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  • 13. 

    When escrow is used in a mortgage payment, what is typically covered in the payment?

    • A.

      Principal Only

    • B.

      Principal, Interest, And Taxes

    • C.

      Principal, Interest And Utilities

    • D.

      Principal, Interest, Taxes, And Insurance

    Correct Answer
    D. Principal, Interest, Taxes, And Insurance
    Explanation
    When escrow is used in a mortgage payment, the payment typically covers the principal, interest, taxes, and insurance. Escrow is a financial arrangement where a third party holds and manages funds on behalf of the borrower and lender. The borrower pays a portion of these expenses into an escrow account each month, and the lender uses these funds to make payments for property taxes, homeowners insurance, and sometimes mortgage insurance. This helps ensure that these expenses are paid on time and helps protect the lender's investment in the property.

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  • 14. 

    Which of the following is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases?

    • A.

      Curved Tax

    • B.

      Regressive Tax

    • C.

      Flat Tax

    • D.

      Progressive Tax

    Correct Answer
    B. Regressive Tax
    Explanation
    A regressive tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases. This means that individuals with lower incomes pay a higher percentage of their income in taxes compared to those with higher incomes. As the amount subject to taxation increases, the tax rate decreases, resulting in a disproportionate burden on low-income individuals. This type of tax system is often criticized for exacerbating income inequality.

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  • 15. 

    What woman appeared on the U.S. dollar coin between 1979 and 1981?

    • A.

      Sacagawea

    • B.

      Susan B. Anthony

    • C.

      Elizabeth Cady Stanton

    • D.

      Harriet Tubman

    Correct Answer
    B. Susan B. Anthony
    Explanation
    Susan B. Anthony appeared on the U.S. dollar coin between 1979 and 1981. She was a prominent American suffragist and civil rights leader who played a crucial role in the women's suffrage movement. Anthony dedicated her life to fighting for women's rights, including the right to vote. Her image on the dollar coin was a tribute to her contributions and achievements in advancing women's rights in the United States.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 18, 2015
    Quiz Created by
    Thames
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