Jeopardy $100 FEDGOVTAXI RecallI Money $200 $300 $400 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 Final Jeopardy Final Jeopardy

1 - $100 This group is in charge of Monetary Policy. This group is in charge of Monetary Policy. The Federal Reserve Bank AKA “The Fed” The Federal Reserve Bank AKA “The Fed”

1 - $200 What is the main goal of the Federal Reserve in its Monetary Policy? What is the main goal of the Federal Reserve in its Monetary Policy? Prevent/Limit inflation or recession Prevent/Limit inflation or recession

1 - $300 The Federal Reserve increases or decreases the money supply when they buy/sell government bonds. This is called _____. The Federal Reserve increases or decreases the money supply when they buy/sell government bonds. This is called _____. Open Market Operations Open Market Operations

1 - $400 To encourage or discourage borrowing, the FED adjusts the _____. To encourage or discourage borrowing, the FED adjusts the _____. Discount Rate Discount Rate

1 - $500 If the Federal Reserve wants to reduce the nation’s money supply, they could _______ the discount rate and reserve requirements If the Federal Reserve wants to reduce the nation’s money supply, they could _______ the discount rate and reserve requirements Increase Increase

2 - $100 Fiscal Policy is concerned with _____ and _____. Fiscal Policy is concerned with _____ and _____. Government spending and taxation Government spending and taxation

2 - $200 If the federal government wanted to make a “loose money” policy during a recession, they could _____ taxes If the federal government wanted to make a “loose money” policy during a recession, they could _____ taxes decrease decrease

2 - $300 If the federal government wanted to make a “loose money” policy during a recession they could _____ government spending. If the federal government wanted to make a “loose money” policy during a recession they could _____ government spending. Increase Increase

2 - $400 If the federal government wanted to make a “tight money” policy during inflation, they could _____ taxes. If the federal government wanted to make a “tight money” policy during inflation, they could _____ taxes. increase increase

2 - $500 The main goal of the federal government in its fiscal policy is to ______ The main goal of the federal government in its fiscal policy is to ______ Prevent/limit inflation and recession Prevent/limit inflation and recession

3 - $100 Rich people pay a higher percentage (hurts rich) Rich people pay a higher percentage (hurts rich) Progressive Progressive

3 - $200 Everyone pays the same percentage of tax (flat tax) like Social Security Tax Everyone pays the same percentage of tax (flat tax) like Social Security Tax Proportional Proportional

3 - $300 Sales Tax on food is considered to be the most ___________ form of tax (hurts the poor) Sales Tax on food is considered to be the most ___________ form of tax (hurts the poor) Regressive Regressive

3 - $400 If the unemployment rate is rising and the GDP is falling, the federal government would MOST LIKELY _______ taxes. If the unemployment rate is rising and the GDP is falling, the federal government would MOST LIKELY _______ taxes. Decrease Decrease

3 - $500 If, in one year, the federal government takes in $50 billion dollars in taxes and spends $49 billion, the nation has a ________ If, in one year, the federal government takes in $50 billion dollars in taxes and spends $49 billion, the nation has a ________ Budget surplus Budget surplus

4 - $100 Alissa was laid off from her company because of technological improvements that made her job obsolete. Alissa is _________ unemployed. Alissa was laid off from her company because of technological improvements that made her job obsolete. Alissa is _________ unemployed. Structurally Structurally

4 - $200 Macroeconomics focuses on Macroeconomics focuses on An entire nation An entire nation

4 - $300 This form of business is easiest to organize This form of business is easiest to organize Sole proprietorship Sole proprietorship

4 - $400 Brad decided to give up his job as a chef and try to get a job as an actor. Until he finds a job as an actor, Brad is ______ unemployed. Brad decided to give up his job as a chef and try to get a job as an actor. Until he finds a job as an actor, Brad is ______ unemployed. Frictionally Frictionally

4 - $500 On the circular flow chart, where is the finished product bought and sold? On the circular flow chart, where is the finished product bought and sold? Product Market Product Market

5 - $100 Using money to buy goods/services Using money to buy goods/services Medium of Exchange Medium of Exchange

5 - $200 __________ is coin money and _________ is paper money. __________ is coin money and _________ is paper money. Specie Specie Fiat Fiat

5 - $300 A Ferrari costs $100,000 and a Kia costs $30,000. The prices represent money as a ___ A Ferrari costs $100,000 and a Kia costs $30,000. The prices represent money as a ___ Standard of value Standard of value

5 - $400 If you sell your stock on Etrade you will have to pay a _________ tax. If you sell your stock on Etrade you will have to pay a _________ tax. Capital Gains Capital Gains

5 - $500 ______________ money is anything that has real value. ______________ money is anything that has real value. Commodity Commodity

Final Jeopardy 5 things help determine demand for a product (determinants of demand). Name them. - Divide your wager by 5 and each one is worth that value - 5 things help determine demand for a product (determinants of demand). Name them. - Divide your wager by 5 and each one is worth that value - Price and available substitutes/complements (utility) Price and available substitutes/complements (utility) Number of consumers Number of consumers Consumer Expectation Consumer Expectation Consumer Tastes/Preferences Consumer Tastes/Preferences Change in consumer income Change in consumer income