Test Your Economic IQ: Fun and Challenging Questions about the U.S. Economy


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1.What is the United States’ largest trading partner?
a) Canada
b) Mexico
c) China
d) Australia

Correct Answer:a) Canada
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2.Which factor could lead to long-term economic growth in the United States?
a) High inflation
b) Investment in education and technological innovation
c) High national debt levels
d) Reduced international trade

Correct Answer:b) Investment in education and technological innovation
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3.Which indicator is used to measure the per capita income in the United States?
a) Gini coefficient
b) GDP
c) CPI
d) Median Household Income

Correct Answer:d) Median Household Income
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4.Who is responsible for formulating and executing the federal budget in the United States?
a) Department of Justice
b) Congress
c) President
d) Federal Reserve

Correct Answer:b) Congress
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5.Which policy could lead to currency depreciation in the United States?
a) Raising interest rates
b) Reducing government spending
c) Increasing the money supply
d) Raising tariffs

Correct Answer:c) Increasing the money supply
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6.The highest tax rate in the United States typically applies to which group?
a) Low-income earners
b) Middle-income earners
c) High-income earners
d) All taxpayers

Correct Answer:c) High-income earners
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7.Which indicator is used to measure the economic growth rate of the United States?
a) CPI
b) GDP
c) PPI
d) Dow Jones Index

Correct Answer:b) GDP
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8.Which factor could negatively impact the international competitiveness of the United States?
a) Technological innovation
b) Decreasing domestic debt
c) High production costs
d) Decreasing government spending

Correct Answer:c) High production costs
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9.The social security system in the United States primarily supports which group?
a) Retirees
b) College students
c) Unemployed individuals
d) Children

Correct Answer:a) Retirees
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10.Which indicator is used to measure the overall price level in the United States?
a) CPI
b) GDP
c) PPI
d) Dow Jones Index

Correct Answer:a) CPI
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