MID TERM “Jeopardy Dukes of Hazzard Challenge”

BO LUKEUNCLE JESSIE ROSCOE CLETUS

Question:? Check Your Answer for 10 WHAT IS THE RESULT OF PRIOR PRODUCTION

Answer: CAPITAL Back to the Game Board for 10

Question:? Check Your Answer for 20 WHAT IS THE FUNDAMENTAL ECONOMIC PROBLEM

Answer: SCARCITY Back to the Game Board for 20

Question:? WHAT ARE THE THREE BASIC ECONOMIC QUESTIONS Check Your Answer for 30

Answer: WHAT TO PRODUGE, HOW TO PRODUCE IT, WHO GETS IT Back to the Game Board for 30

Question:? WHAT IS A MERGER OF DIFFERENT CORPORATIONS INVOLVED IN DIFFERENT STEPS OF MANUFACTURING. Check Your Answer for 40

Answer: VERTICAL MERGER Back to the Game Board for 40

Question?: WHAT IS THE ACT OF GIVING UP ONE THING TO OBTAIN ANOTHER Check Your Answer for 50

Answer: TRADEOFF Back to the Game Board for 50

Question ?: WHAT IS THE COST OF PRODUCING JUST ONE MORE PRODUCT CALLED Check Your Answer for 10

Answer: MARGINAL COST Back to the Game Board for 10

Question?: WHAT TYPE OF BUSINESS HAS UNLIMITED LIFE AND LIMITED LIABILITY Check Your Answer for 20

Answer: CORPORATION Back to the Game Board for 20

Question?: WHAT DO WE CALL THESE ACTS, BUYING STOCK, GOING TO COLLEGE, PURCHASING NEW EQUIPMENT FOR YOUR BUSINESS Check Your Answer for 30

Answer: INVESTING Back to the Game Board for 30

Question?: WHAT IS THE MOST COMMON TYPE OF BUSINESS IN AMERICA AND ALSO THE EASIEST TO START Check Your Answer for 40

Answer: SOLE PROPRIETORSHIP Back to the Game Board for 40

Question?: WHAT DO WE CALL THE SUM OF ECONOMIC PRODUCTS THAT ARE TANGIBLE, TRANSFERRABLE, SCARCE AND USEFUL Check Your Answer for 50

Answer: WEALTH Back to the Game Board for 50

Question?: WHO DECIDES WHAT IS PRODUCED IN A FREE ENTERPRISE SYSTEM Check Your Answer for 10

Answer: CONSUMER Back to the Game Board for 10

Question?: WHAT IS THE DOLLAR VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN ONE YEAR Check Your Answer for 20

Answer: G.D.P OR GROSS DOMESTIC PRODUCT Back to the Game Board for 20

Question?: WHAT DO WE CALL THE SITUATION IN WHICH NECCESSITIES HAVE VERY LITTLE VALUE AND WANTS ARE VERY EXPENSIVE Check Your Answer for 30

Answer: PARADOX OF VALUE Back to the Game Board for 30

Question?: IF A PRODUCT HAS A LARGE PRICE CHANGE WITH LITTLE CHANGE IN DEMAND, THAT PRODUCT IS Check Your Answer for 40

Answer: INELASTIC Back to the Game Board for 40

Question?: WHAT EFFECT LEADS CONSUMERS TO REPLACE SOMETHING COSTLY WITH SOMETHING CHEAPER Check Your Answer for 50

Answer: SUBSTITUTION EFFECT Back to the Game Board for 50

Question?: WHAT TYPE OF ECONOMY CAN CHANGE PRODUCTION DECISIONS QUICKLY AND EVERYONE GETS A SHARE OF PRODUCTION Check Your Answer for 10

Answer: COMMAND ECONOMY Back to the Game Board for 10

Question?: COST OF INPUTS OR WORKER PRODUCTIVITY CAN CAUSE THIS CURVE TO SHIFT RIGHT OR LEFT Check Your Answer for 20

Answer: SUPPLY CURVE Back to the Game Board For 20

Question?: WHAT PRICE FLOOR SHOWS AMERICA’S DESIRE FOR EQUITY OVER MARKET EFFICIENCY Check Your Answer for 30

Answer: MINIMUM WAGE LAW Back to the Game Board For 30

Question: IN WHAT STAGE OF PRODUCTION DO WORKERS GET IN EACH OTHERS WAY AND WHAT IS THAT STAGE CALLED Check Your Answer for 40

Answer: STAGE 3 AND STAGE OF NEGATIVE RETURNS Back to the Game Board for 40

Question?: IN CALCULATING BUSINESS EXPENSES, IT IS IMPORTANT TO KNOW THAT FIXED PLUS VARIABLE COSTS EQUAL Check Your Answer for 50

Answer: TOTAL COSTS Back to the Game Board for 50

Question?: AT WHAT POINT ON A SUPPLY AND DEMAND SCHEDULE IS THE OPTIMAL POINT OF PRODUCTION AND PROFITS MAXIMIZED Check Your Answer for 10

Answer: WHERE MARGINAL COSTS EQUAL MARGINAL REVENUE Back to the Game Board for 10

Question: WHAT TERM BEST DESCRIBES HIGH ADMINISTRATIVE COSTS, NO INCENTIVE TO WORK AND A LACK OF FAIRNESS Check Your Answer for 20

Answer: ALLOCATION BY RATIONING Back to the Game Board for 20

Question: THIS TYPE OF BUSINESS HAS AN UNFAIR ADVANTAGE OVER COMPETITION DUE TO A SCIENTIFIC ADVANCE OR PROCESS Check Your Answer for 30

Answer: TECHNOLOGICAL MONOPOLY Back to the Game Board for 30

Question?: THIS MEDIUM OF EXCHANGE LOSES ITS VALUE WHEN IT BECOMES TOO PLENTIFUL Check Your Answer for 40

Answer: MONEY Back to the Game Board for 40

Question?: CONSUMERS TRADE PRODUCTS AND LABOR FOR MONEY IN WHAT MARKET Check Your Answer for 50

Answer: FACTOR MARKET Back to the Game Board for 50

Question? WHAT CHARACTERISTIC OF MONEY IS DECIDED BY ITS UNITS OF MEASURE. HINT: US DOLLAR HAS 10 UNITS Check Your Answer FINAL JEOPARDY

Answer: DIVISIBLE All of you are winners in my book Bahahahahahaha!!!!! FINAL JEOPARDY