Econ Midterm Part 2 Question Preview (ID: 60722)

Midterm Review. TEACHERS: click here for quick copy question ID numbers.

If the government spent $43 billion dollars and only collected $40 billion in revenue the government would have a...
a) Population Increase
b) Budget Deficit
c) Budget Surplus
d) Trade Surplus

In order to provide public goods and services the United States government...
a) Collects Taxes
b) Sells gold
c) Forces people to build roads for free
d) Asks others countries to provide for us

Which of the following is an example of a public good or service?
a) Building a highway for everyone to use
b) Iphones
c) Uber
d) Privately owned lake house

What does GDP stand for?
a) Grand Dream Promise
b) Game Development Production
c) Group Driven Produce
d) Gross Domestic Product

How is standard of living measured?
a) Store sales during the Christmas shopping season
b) Mail in survey of the population
c) GDP per capita
d) Trends in the stock market

A period of at least 6 months during which GDP does not grow is known as...?
a) Inflation
b) Recession
c) Deficit
d) Deflation

The general rise in price of goods and services over time is known as...
a) Inflation
b) Peak
c) Trade Deficit
d) Budget Surplus

Which of the following is NOT considered an economic indicator?
a) GDP
b) Interest Rates
c) Population Grown
d) Stock Market

Which two products would be an example of a complement?
a) Milk and Cereal
b) Mustard and Jeans
c) Popcorn and Shoes
d) Sharpie Markers and Socks

The degree to which individuals change their demand/amount supplied in response to price or income changes.
a) Substitute
b) Elasticity
c) Incentive
d) Complements

Which of the following is an example of an incentive?
a) Low Wages
b) Job Loss
c) Paycheck
d) Hurricane

What type of tax is paid by homeowners?
a) Property Tax
b) Income Tax
c) Social Security Tax
d) Sales Tax

What is the name of the agency that collects taxes in the United States?
a) Federal Bureau of Investigation
b) Department of Interior
c) Internal Revenue Service
d) Department of Energy

Marginal tax and average tax will be the same in what type of tax system?
a) Escalating
b) Deescalating
c) Progressive
d) Flat

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