Double Economics Jeopardy Types of Economies & basic terms Supply & Demand Competition, Business, & Labor Stocks & SavingEconomic Indicators Compliments of the James Madison Center, JMU

20 points Adam Smith created the theory of a force that makes us make choices that help society. What did he call this “force?”

40 points In what type of economy would the government make absolutely NO impact on economic life of its citizens?

Daily Double In many European nations, the government control only the most important industries but allow citizens to have a lot of economic freedoms. What type of socialism is this?

80 points Sports trades are often examples of this form of exchange as they rarely use money, are very complicated, and rely on negotiations between the trading team.

100 points Of the four factors of production needed by a supermarket, what resource would money, the building, and the cash register be to that supermarket?

20 points If the government gives the dairy industry a $50 billion subsidy, what will happen to the supply of milk?

40 points If the government gives a tax break to all citizens in the US, what will happen to the demand of new plasma-screen TVs?

60 points From the demand schedule below, what will the total revenue be if you were to charge $5 for your soda? Price of “pop”Quantity Demanded Total Revenue $ $ $ $ $5.003

80 points When doing a marginal analysis and you see that hiring an extra worker causes your marginal product to decrease, what “effect” is happening?

Daily Double If the price of jelly skyrockets due to a grape fungus, what will happen to the demand of peanut butter?

20 points In monopolistic markets, what is the goal of businesses in these markets?

40 points OPEC, which controls the world’s oil supplies, is considered to be what type of group?

60 points This was a quota system meant to give minorities better access to well- paying jobs and acceptance into colleges.

80 points In a corporation, what person is usually in charge of the business and is selected by the board of directors?

100 points Minimum wage was first set by what law passed in 1938?

20 points Where in New York is the NYSE?

40 points When you have a savings account and you are able to pull money out of the account whenever you want without a penalty, the account is what? (Think wet)

60 points When you own a farm and sell off a portion of your field before you grow it, what is it said you are selling on the market?

80 points The money you get each year as your share of the company’s profits as a stockholder is called what?

100 points What does NASDAQ stand for?

20 points How many Federal Reserve banks are there?

40 points A person that loses their job at Dairy Queen during the winter months suffers from what type of unemployment?

60 points How many months must the GDP go up or down in order for the economy to enter a recession or recovery?

80 points What tax can a government impose on citizens to attempt to get them to stop behaving in certain ways?

100 points What statistic would you want to find if you wanted to determine how wealthy a country was in relation to how many people they have in their country?