Welcome to Jeopardy!

Directions: Scroll through the presentation and enter the answers (which are really the questions) and the questions (which are really the answers). Enter in the categories on the main game boards. As you play the game, click on the TEXT DOLLAR AMOUNT that the contestant calls, not the surrounding box. When they have given a question, click again anywhere on the screen to see the correct question. Keep track of which questions have already been picked by printing out the game board screen and checking off as you go. Click on the “Game” box to return to the main scoreboard. Enter the score into the black box on each players podium. Continue until all clues are given. When finished, DO NOT save the game. This will overwrite the program with the scores and data you enter. You MAY save it as a different name, but keep this file untouched!

Final Jeopardy Round 1 Round 2 TEAM 1 TEAM 2 TEAM 3

TEAM 1 TEAM 2 TEAM 3 TEAM 4 TEAM 5 TEAM 6 TEAM 7 TEAM 8 Final Jeopardy Round 1 Round 2 TEAM 1 TEAM 2 TEAM 3 TEAM 4 TEAM 5 TEAM 6 TEAM 7 TEAM 8

Demand Changes in Demand Elasticity Supply Government Influence Round 1 $25 $25 $25 $25 $25 Round 2 $50 $50 $50 $50 $50 Final Jeopardy $75 $75 $75 $75 $75 Scores $100 $100 $100 $100 $100

$25 When a consumer is able and willing to buy a good or service he/she is creating what?

$25 demand Scores

$50 As price rises, quantity desired falls – this is an illustration of what economic principle?

$50 Law of demand Scores

How is future price related to current demand? $75 How is future price related to current demand?

$75 If future prices are expected to rise, current demand will increase (and vise versa) Scores

All other things held constant $100 All other things held constant

$100 Ceteris Paribus Scores

$25 When the price of goods goes up, people get less for their money, and consumption goes down – this demonstrates what economic principle?

$25 Income effect Scores

$50 As a consumer’s income rises, they purchase fewer goods like generic Mac and Cheese. What do we call these types of goods?

$50 Inferior goods Scores

What happens to the demand for a good as the result of a holiday fad? $75 What happens to the demand for a good as the result of a holiday fad?

The demand curve shifts to the right rapidly $75 The demand curve shifts to the right rapidly Scores

Daily Double

Describe what is meant by a shift in the demand curve $100 Describe what is meant by a shift in the demand curve

A change in quantity demanded at every price $100 A change in quantity demanded at every price Scores

Which of these factors DOES NOT effect elasticity? $25 Which of these factors DOES NOT effect elasticity? Availability of substitutes A good’s relative importance The good’s price range Whether a good is a necessity or a luxury

$25 3. The good’s price range Scores

What does it mean when the demand for a good is inelastic? $50 What does it mean when the demand for a good is inelastic?

A price change will not have a significant impact on buying habits $50 A price change will not have a significant impact on buying habits Scores

$75 The percentage change in quantity demanded is exactly equal to the percentage change in price

$75 Unitary elastic Scores

What describes demand with an elasticity of less than 1 $100 What describes demand with an elasticity of less than 1

$100 inelastic Scores

According to the law of supply, the as price rises,________ $25 According to the law of supply, the as price rises,________

The larger the quantity produced $25 The larger the quantity produced Scores

What is the effect of import restrictions on prices? $50 What is the effect of import restrictions on prices?

They cause prices to rise $50 They cause prices to rise Scores

$75 What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?

Store the goods until prices rise $75 Store the goods until prices rise Scores

$100 What factor has the greatest influence on elasticity or inelasticity of supply?

$100 Time Scores

Name 2 ways in which the government can influence supply $25 Name 2 ways in which the government can influence supply

Subsidies, excise taxes, regulation $25 Subsidies, excise taxes, regulation Scores

$50 Rent control, an attempt to control the high cost of rent for lower-income families, is an example of what kind of government control on markets

$50 Price ceiling Scores

$75 Why did Communist governments use a command economic system for many years?

An attempt to create economic equity $75 An attempt to create economic equity Scores

$100 What policy did the US government use during WW II to guarantee each civilian a minimum standard of living – and what was the result?

Rationing – a black market in rationed goods $100 Rationing – a black market in rationed goods Scores

Excess Supply and Demand Costs & Revenue Potpourri Production Costs Vocab Round 2 $50 $50 $50 $50 $50 Round 1 $100 $100 $100 $100 $100 Final Jeopardy $150 $150 $150 $150 $150 Scores $200 $200 $200 $200 $200

Rent is an example of what category of cost? $50 Rent is an example of what category of cost?

$50 Fixed Cost Scores

$100 Ticket-takers’ hourly wages are an example of what category of cost for a baseball franchise?

$100 Variable cost Scores

$150 At the most profitable level of production, a firm’s marginal cost will _______ the market price.

$150 Be equal to Scores

Define marginal revenue $200 Define marginal revenue

$200 The additional revenue generated from the production and sale of one more unit of as good or service Scores

What kind of system is the economy of the United States based on? $50 What kind of system is the economy of the United States based on?

$50 A market economy Scores

Daily Double

$100 What shows the quantities of products demanded at each price by all consumers in a market?

A market demand schedule $100 A market demand schedule Scores

$150 A person moves from a desert community to a rainy city by the ocean, what will happen to this person’s individual demand curve for umbrellas?

It will move to the right $150 It will move to the right Scores

$200 What determines how a change in prices will affect total revenue for a company?

Elasticity of demand for its products $200 Elasticity of demand for its products Scores

$50 According to Figure 6.2, in this market, a price of $1.00 would be a

$50 Price Ceiling Scores

$100 According to Figure 6.2, in this market, a price of $1.50 would be

$100 equilibrium Scores

$150 According to Figure 6.2, at the equilibrium price, how many slices of pizza will be sold?

$150 200 Scores

$200 If the government set a price of $2.00 a slice, how many slices of pizza will be sold each day, according to Figure 6.2?

$200 150 Scores

$50 According to the figure, how is the figure for profit arrived at?

Total Revenue – Total Cost $50 Total Revenue – Total Cost Scores

$100 According to the figure, to achieve the greatest profit, how many beanbags should be made?

$100 10 Scores

Daily Double

$150 Why does the fixed cost stay the same no matter how much is produced?

$150 The fixed cost is the cost of keeping the factory open regardless of how many bags are produced. It does not change as long as the factory stays in the same place. Scores

$200 why does “Marginal Cost” go down and then up again as more goods are produced?

$200 Marginal cost initially decreases as more bags are produced because the fixed costs are spread over more units and because the workers begin to specialize. After a certain point, however (4 bags), the marginal cost begins to increase because the benefits of specialization are exhausted and more workers begin to share a fixed production facility. Scores

$50 For this kind of product, a consumer’s demand will increase as his or her income increases

$50 A normal good Scores

Demand for goods that are a necessity is usually ________. $100 Demand for goods that are a necessity is usually ________.

$100 inelastic Scores

A tax on the sale or manufacture of a good. $150 A tax on the sale or manufacture of a good.

$150 Excise tax Scores

A sudden drop in the supply of a good $200 A sudden drop in the supply of a good

$200 Supply shock Scores

Government Intervention in the Economy Final Jeopardy Question Scores

A government-mandated minimum price that must be paid for a good or service

A price floor Scores