1st Six Weeks Intro to Economics J. Conroy Jeopardy 1st Six Weeks Intro to Economics J. Conroy

Opp. Cost PPC Trade Comp. Abs. Adv. 100 100 100 100 200 200 200 200 300 300 300 300 400 400 400 400 500 500 500 500

The amount of product B that now cannot be produced because of product A. What is the opportunity cost of Product A and B, if you decided to produce more of product A? Row 1, Col 1

The country will have less money to devote to consumer goods. Using guns and butter, if a country decided to produce more military goods, what would happen to consumer goods? 1,2

When a nation exports more than it imports, they have a ……? Trade Surplus When a nation exports more than it imports, they have a ……? 1,3

What is Absolute Advantage? When a person or nation can produce more of given product using a given amount of resources What is Absolute Advantage? 1,4

The opportunity cost will be the digital camera. What is the opportunity cost of a digital camera or a DVD player if you decided to just purchase the DVD player?? 2,1

Inside of the line During a recession, where on the production possibilities curve would the US economy be located? 2,2

What is the effect of preventing foreign trade between nations? Higher Prices What is the effect of preventing foreign trade between nations? 2,3

By producing a product with a lower opportunity cost Comparative Advantage states that a nation is better off when produces a goods and services for which it has the comparative advantage? How is a comparative advantage obtained? 2,4

What are the factors of production? Land, Labor, Capital and Entrepreneur. What are the factors of production? 3,1

A point outside the production possibilities curve is Attainable but new resources are needed to stay A point outside the production possibilities curve is 3,2

Restrictions on foreign trade Tariffs, Import Quotas and Volunteering Export Restraints are examples of…… 3,3

Specializing in one task, you become better at it, time is eliminated between jobs when focused on one task, workers invent better more effective way to complete tasks. What are the 3 reasons that Adam Smith gave that division of labor and specialization increase output? 3,4

What is the fundamental problem that Economics tries to answer? Allocating scarce productive resources to satisfy wants. What is the fundamental problem that Economics tries to answer? 4,1

The PPF curve would shift to the right If an economy has an increase in Capital Equipment, what would happen to the production possibilities curve? 4,2

NAFTA What trade agreement brought an equal number of job gains and losses to the United States? 4,3

David Ricardo. Who is the 19th century economist who argued that the key to determining which country should produce goods is opportunity cost? 4,4

What is the opportunity cost of going to college? The value of the best opportunity a student gives up to attend college What is the opportunity cost of going to college? 5,1

What two things that every production possibilities curve illustrates? Efficiency and Opportunity Cost What two things that every production possibilities curve illustrates? 5,2

Exporter, Importer China is the leading ________ and the United States is the leading _______________? 5,3

Plato said people are naturally unequal for two reasons…… Ability and Social Class born into Plato said people are naturally unequal for two reasons…… 5,4