Jeopardy Final Jeopardy $100 $100 $100 $100 $100 $200 $200 $200 $200 CPI/Inflation Absolute and Comparative Advantage GDP Hollaback To Micro Unemployment $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 Final Jeopardy

1 - $100 What does CPI measure? Prices for a specific Market Basket of goods. Helps determine if there is inflation.

1 - $200 This theory of inflation occurs when too much money in the economy leading to the devaluing of currency. Quantity Theory

1 - $300 Name the inflation that occurs when producers raise prices in order to meet increased costs. Cost-Push

1 - $400 This type of inflation occurs when demand for goods and services exceeds existing supplies. Demand-Pull

1 - $500 Explain the type of person that would benefit from inflation. A person who has a fixed rate interest loan.

2 - $100 Who has the absolute advantage in Corn and Wheat? David David Ben Corn 19lbs 5lbs Wheat 10lbs 9lbs David

2 - $200 Who has the comparative advantage in wheat? Ben David Ben Corn 19lbs 5lbs Wheat 10lbs 9lbs Ben

2 - $300 This occurs when producers (individuals or nations) decide to produce only certain goods. Specialization

2 - $400 The ability to produce more units of a good or service than some other producer using the same quantity of resources. Absolute advantage

2 - $500 The ability to produce a good or service at a lower opportunity cost than another producer Comparative Advantage

3 - $100 What does GDP measure? The total value of the public and private output of goods and services produced in the U.S. in a year

3 - $200 Explain what would happen to the unemployment rate in the trough phase of the business cycle? It would increase.

3 - $300 What is the equation for GDP? C+I+G+(X-M)

3 - $400 During times of economic expansion what happens to GDP? Increase

3 - $500 This is expressed in constant, or unchanging, dollars and gives us a better accuracy when measuring the growth or decline of an economy. Real GDP

4 - $100 The basis of economics—this exists in everything and explains the principal which describes resources that are limited relative to human wants. Scarcity

4 - $200 This is the minimum that can legally be charged for a good. What is an example? Price Floor –Minimum Wage

4 - $300 This type of economy is one that relies only on the government to answer the three basic economic questions. Command Economy

4 - $400 This is the degree to which a demand or supply curve reacts to a change in price (Slope). Elasticity

4 - $500 Explain what a right shift in the demand curve would do to Price and Quantity. It would increase in P and Q.

5 - $100 A lifeguard who doesn’t have a job come September experiences this type of unemployment. Seasonal

5 - $200 This type of unemployment occurs when there is not enough demand to employ all those who want to work. So it increases during times of economic contraction and decreases during times of economic expansion. Cyclical

5 - $300 Give me an example of someone who would not be counted in the unemployment statistics. Mr. Retired Man Mrs. Stay-at-Home Mom Mr. Homeless Man Mr. MBA working at Home Depot Joe College Mr. Big Man on High School Campus

5 - $400 When somebody loses their job (or chooses to leave it) and then as they take time to look for another job experiences this type of unemployment. Frictional

5 - $500 If a company moves its production to Mexico then workers who lose their jobs would experience this type of unemployment. Structural

Final Jeopardy This is a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention Patent