Econ Quizzo SS 8 December 15, 2014

Round 1 1. In this economy, the economic questions are answered by trading. 2. In this economy, the government answers the economic questions. 3. What are the 4 parts of demand? 4. Patrick wants to buy a gift for his girlfriend Lady Gaga. He can buy a Tiffany diamond necklace for her or a Panera sandwich. What is his opportunity cost if he buys the sandwich? 5. A PS4 would be an example of a ____ good.

Answers – Round 1 1. Traditional 2. Command 3. Amount, Willing to Buy, Able to Buy, Price 4. Not buying the Tiffany necklace 5. Private

Round 2 1. In this economy, business owners make all of the decisions. 2. Company A is offering $75 for every $36 invested. Company B is offering $114 for every $57 invested. Company C is offering $1,000 for every $675 invested. Which company should I go with? 3. A firehouse is an example of what type of good. 4. When a business makes more money than it spends, this is a result. 5. In this system, a company has permission from the “parent company” to sell a certain good or service in a particular area for a sum of money.

Answers – Round 2 1. Market 2. Company A 3. Public 4. Profit 5. Franchise

Calculate GDP – Round 3 Country $218 each $187each $42 each 40,948 Country $189 each $97 each $56 each 162,072 Country $107 each $148 each $51 each 90,711 Country $120 each 7, $97 each $75 each 2,000,047 Country $112 each 23, $101 each 217, $37 each 128,614 Country $110 each $89 each $48 each 338,917 Country $168 each $109 each $20 each 980,742 Country $75 each $112 each $35 each 1,328,000 Country $45 each $104 each $90 each 56,923 Country $67 each $84 each $12 each 93,428

Round 3 1. Which country had the highest GDP? 2. Which country had the lowest GDP per capita? 3. Which country had the lowest GDP? 4. Which country had the highest GDP per capita? 5. In which type of business is it easier to get money (ex. a loan) from the bank?

Answers – Round 3 1. B 2. H 3. J 4. A 5. Corporation

Round 4 1. Only ______ goods are counted towards GDP. 2. In this business system, I have no liability as a business owner/leader. 3. What are the 3 types of resources? 4. These are costs that NEVER change for a business. 5. Legal responsibility for something such as an action or a debt. What is this?

Answers – Round 4 1. Final 2. Corporation 3. Natural, Labor, Capital 4. Fixed 5. Liability

Round 5 1. An item that is consumed by 1 person is defined as… 2. What could go at letter A on the chart? 3. “We have unlimited wants but there is a limit of resources available to meet these wants.” Which term best describes the main idea of this sentence? 4. Miles Allen runs a store that sells Barack Obama bobble head dolls. It cost him $1.78 to make each one and he sells them for $5.25. What is his revenue and his profit? A

Answers – Round 5 1. Private Good 2. Money 3. scarcity 4. $5.25/$3.47

Round 6 1. A t what hour would the store lose money? 2. W hat does MR mean? 3. A t what hour does the store reach equilibrium? 4. O nly ______ goods are counted towards GDP. 5. T he rise and fall of businesses is called _______________ by economist.

Answers – Round Marginal Revenue Final 5. Business Cycle

Round 7 1. T he government will do this when there is an unsafe product on the market. 2. L egal responsibility for something such as an action or a debt. What is this? 3. L aissez-faire means what in economics? 4. D efine equilibrium price. 5. I bought a cupcake for.36 and sold it for $1.59. What is my profit?

Round 7 Answers 1. Recall 2. Liability 3. Hands-off from government 4. When there is neither a profit or a loss of money 5. $1.23