Test Info Timed test – 50 minutes Timed test – 50 minutes 45 points 45 points Almost 40 multiple choice questions Almost 40 multiple choice questions Choose TWO of three writing prompts Choose TWO of three writing prompts Open note test – multiple versions Open note test – multiple versions Have packets complete beforehand Have packets complete beforehand Bring all of your material on Econ Bring all of your material on Econ

Focus writing #11 – 5/25 What will you do to prepare for the test? What will you do to prepare for the test?

Economics Jeopardy!

Jeopardy Rules Form groups of 4-5 students Form groups of 4-5 students Need one volunteer Need one volunteer Questions go in order around the room Questions go in order around the room If group misses, others can try to steal – first to raise hand (can lose points this way) If group misses, others can try to steal – first to raise hand (can lose points this way) Highest total points gets candy Highest total points gets candy Use your notes and handouts Use your notes and handouts

Categories Economic Basics – easiest questions – mainly from Intro to Economic Notes Economic Basics – easiest questions – mainly from Intro to Economic Notes Production Possibilities Frontier and Trade – includes definitions of trade terms Production Possibilities Frontier and Trade – includes definitions of trade terms Economic Systems – capitalism, communism, etc. Economic Systems – capitalism, communism, etc. Bad Situations – Ireland and Andersonville Bad Situations – Ireland and Andersonville U.S. Trade Policy – from the two reading packets U.S. Trade Policy – from the two reading packets

Econ Basics PPF and Trade Econ Systems Bad Situations Trade Policy

Econ Basics Question- 100 The study of how societies use scarce resources. The study of how societies use scarce resources. ANSWER

Basic Economics Answer- 100 What is economics? What is economics? BACK TO THE BOARD

Econ Basics Question- 200  These are the three basic questions of economics. ANSWER

Basic Economics Answer- 200  What to make, how to make it, who to make it for BACK TO THE BOARD

Basic Economics Question- 300  Unlimited wants and needs, limited resources ANSWER

Basic Economics Answer- 300 What causes scarcity? What causes scarcity? BACK TO THE BOARD

Basic Economics Question- 400  What happens to demand for flip-flops during spring/summer? ANSWER

Basic Economics Answer- 400  It shifts outward due to changing consumer preferences. BACK TO THE BOARD

Basic Economics Question- 500  What is the opportunity cost of any decision ANSWER

Basic Economics Answer- 500 What is the next best alternative? What is the next best alternative? BACK TO THE BOARD

PPF and Trade Question- 200 A PPF curve represents the tradeoff between how many goods or services? A PPF curve represents the tradeoff between how many goods or services? ANSWER

PPF and Trade Answer- 200 Two goods or services Two goods or services BACK TO THE BOARD

PPF and Trade Question- 400 What does it mean to have absolute advantage in trade? What does it mean to have absolute advantage in trade? ANSWER

PPF and Trade Answer- 400 One country can produce more of a good using the same amount of resources One country can produce more of a good using the same amount of resources BACK TO THE BOARD

PPF and Trade Question- 600 Why do countries trade? Why do countries trade? ANSWER

PPF and Trade Answer- 600 Because each nation can benefit OR because of comparative advantage OR because one country has something the others want Because each nation can benefit OR because of comparative advantage OR because one country has something the others want BACK TO THE BOARD

PPF and Trade Question- 800 Using division of labor and specialization leads to what outcome? Using division of labor and specialization leads to what outcome? ANSWER

PPF and Trade Answer- 800 What are increases in economic output from efficiency gains? What are increases in economic output from efficiency gains? BACK TO THE BOARD

PPF and Trade Question What is comparative advantage? What is comparative advantage? ANSWER

PPF and Trade Answer The principle in which total output will increase if nations specialize in the activities for which their advantages are largest The principle in which total output will increase if nations specialize in the activities for which their advantages are largestOR The ability to produce a good at a lower opportunity cost than a trading partner. The ability to produce a good at a lower opportunity cost than a trading partner. BACK TO THE BOARD

Economic Systems Question- 200 Which economic system has the most government control? Which economic system has the most government control? ANSWER

Economic Systems Answer- 200 What is communism or a command economy What is communism or a command economy BACK TO THE BOARD

Economic Systems Question- 400 Which economic system is controlled by supply and demand and the invisible hand? Which economic system is controlled by supply and demand and the invisible hand? ANSWER

Economic Systems Answer- 400 What is capitalism? What is capitalism? BACK TO THE BOARD

Which system has the most unequal distribution of wealth and power? Which system has the most unequal distribution of wealth and power? ANSWER Economic Systems Question – 600

Economic Systems Answer- 600 What is feudalism? What is feudalism? BACK TO THE BOARD

Economic Systems Question- 800 What was the outcome of the combination of capitalism and democracy? What was the outcome of the combination of capitalism and democracy? ANSWER

Economic Systems Answer- 800 The average income of people living in countries with those systems went up dramatically (starting in about 1500). The average income of people living in countries with those systems went up dramatically (starting in about 1500). BACK TO THE BOARD

Economic Systems Question What was the pattern of economic equality in the United States over the last 200 years? Identify the four time periods and the overall pattern for each. What was the pattern of economic equality in the United States over the last 200 years? Identify the four time periods and the overall pattern for each. ANSWER

Economic Systems Answer It started off equal, became unequal around 1855 (railroads), became more equal again in 1930’s because of Great Depression, and more unequal again since It started off equal, became unequal around 1855 (railroads), became more equal again in 1930’s because of Great Depression, and more unequal again since BACK TO THE BOARD

Bad Situations Question- 200 Was the sanitation problem at Andersonville Prison an example of an economic want or need? Was the sanitation problem at Andersonville Prison an example of an economic want or need? ANSWER

Bad Situations Answer- 200 What is a human need? What is a human need? BACK TO THE BOARD

Bad Situations Question- 400 What two economic systems were used, and by whom, at Andersonville prison? What two economic systems were used, and by whom, at Andersonville prison? ANSWER

Bad Situations Answer- 400 Command system by the guards, capitalism by the prisoners Command system by the guards, capitalism by the prisoners BACK TO THE BOARD

Bad Situations Question- 600 What economic system best describes the situation in Ireland in 1848? What economic system best describes the situation in Ireland in 1848? ANSWER

Bad Situations Answer- 600 What is Feudalism? What is Feudalism? BACK TO THE BOARD

Bad Situations Question- 800  What political system best describes England in 1848? ANSWER

Bad Situations Answer- 800 What is democracy OR constitutional monarchy? What is democracy OR constitutional monarchy? BACK TO THE BOARD

Bad Situations Question Why did 1 million people die in Ireland? Identify at least two contributing factors. Why did 1 million people die in Ireland? Identify at least two contributing factors. ANSWER

Bad Situations Answer There was a potato famine AND the landowners continued to export food from Ireland AND the government did nothing to help the tenant farmer. There was a potato famine AND the landowners continued to export food from Ireland AND the government did nothing to help the tenant farmer. BACK TO THE BOARD

Trade Policy Question- 200  Has the United States run a trade deficit or surplus since 1980? ANSWER

Trade Policy Answer- 200  What is a deficit? Since 1980 imports have grown much faster than exports. BACK TO THE BOARD

Trade Policy Question- 400  How do cotton subsidies benefit U.S. farmers? ANSWER

Trade Policy Answer- 400  U.S. farmers can sell their products at a lower price and still make a profit. BACK TO THE BOARD

Trade Policy Question- 600 What is an argument in favor of free trade? What is an argument in favor of free trade? ANSWER

Trade Policy Answer- 600 Trade increases average incomes OR democracy seems to follow trade OR poorer areas tend to catch up and jobs move there Trade increases average incomes OR democracy seems to follow trade OR poorer areas tend to catch up and jobs move there BACK TO THE BOARD

Trade Policy Question- 800 What types of jobs are most commonly outsourced? What types of jobs are most commonly outsourced? ANSWER

Trade Policy Answer- 800 What are manufacturing jobs and service jobs like working in call centers? What are manufacturing jobs and service jobs like working in call centers? BACK TO THE BOARD

Trade Policy Question What are the names of the four “tiger” economies in East Asia that did so well in the 1980’s and 1990’s? What are the names of the four “tiger” economies in East Asia that did so well in the 1980’s and 1990’s? ANSWER

Trade Policy Answer What are Hong Kong, Singapore, Taiwan, and South Korea? What are Hong Kong, Singapore, Taiwan, and South Korea? BACK TO THE BOARD