Economics Review Jeopardy Final 1Final 2Final 3Final 4Final 5 Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy

$100 Question from Final 1 What is the value of the next best alternative that has to be given up for the action that is chosen?

$100 Answer from Final 1 Opportunity Cost

$200 Question from Final 1 Businesses can make decisions about the best use of their resources by analyzing what?

$200 Answer from Final 1 Production Possibilities

$300 Question from Final 1 What is a messenger service’s car an example of?

$300 Answer from Final 1 Capital

$400 Question from Final 1 Adam Smith’s “invisible hand” refers to the role of the _______.

$400 Answer from Final 1 Market

$500 Question from Final 1 What is the major characteristic of a pure market economy?

$500 Answer from Final 1 Unrestricted Competition

$100 Question from Final 2 What does the term “equity” mean?

$100 Answer from Final 2 Fairness

$200 Question from Final 2 What is the term for the ability to start new business and take risks?

$200 Answer from Final 2 Entrepreneur

$300 Question from Final 2 Which type of economy answers the three basic economic questions according to customs?

$300 Answer from Final 2 Traditional Economies

$400 Question from Final 2 What type of economy does North Korea have?

$400 Answer from Final 2 Command Economy

$500 Question from Final 2 Generic products are those that _____________.

$500 Answer from Final 2 Have no brand name.

$100 Question from Final 3 What is a promise to repair or replace a faulty product?

$100 Answer from Final 3 Warranty

$200 Question from Final 3 According to the law of demand, higher prices prompt consumers to ___________.

$200 Answer from Final 3 Buy Less

$300 Question from Final 3 What type of advertising simply informs the consumer about the price of a product?

$300 Answer from Final 3 Informative Advertising

$400 Question from Final 3 What is the term for money that can be saved or spent after paying for necessities?

$400 Answer from Final 3 Disposable Income

$500 Question from Final 3 What is the law setting the maximum interest rate?

$500 Answer from Final 3 Usury Law

$100 Question from Final 4 What is the term for a good that lasts a number of years?

$100 Answer from Final 4 Durable Good

$200 Question from Final 4 According to the law of demand, price and quantity demanded have a ______ relationship.

$200 Answer from Final 4 Opposite (inverse)

$300 Question from Final 4 Automobile liability insurance covers ____________ and ______________.

$300 Answer from Final 4 Bodily Injury and Property Damage

$400 Question from Final 4 What is one advantage of purchasing a franchise?

$400 Answer from Final 4 Franchisers help set up and often provide training

$500 Question from Final 4 What is a limited partnership?

$500 Answer from Final 4 A partnership where one partner bears no interest.

$100 Question from Final 5 Non-price competition is a characteristic of ________ and _____________.

$100 Answer from Final 5 Monopolistic Competition and Oligopoly

$200 Question from Final 5 What does market structure describe?

$200 Answer from Final 5 The amount of competition on the market

$300 Question from Final 5 Why was the Federal Reserve created?

$300 Answer from Final 5 To control the amount of money in circulation

$400 Question from Final 5 What is representative money?

$400 Answer from Final 5 Money that is backed by a valuable item, such as gold

$500 Question from Final 5 Name an example of antitrust legislation.

$500 Answer from Final 5 Clayton Act

Final Jeopardy Loose money policy leads to an increase in what?

Final Jeopardy Answer Inflation