1. Jeopardy Final Jeopardy $100 $100 $100 $100 $100 $200 $200 $200 $200
CPI/Inflation
Absolute and
Comparative
Advantage
GDP
Hollaback
To Micro
Unemployment
$100
$100
$100
$100
$100
$200
$200
$200
$200
$200
$300
$300
$300
$300
$300
$400
$400
$400
$400
$400
$500
$500
$500
$500
$500
Final Jeopardy

2. 1 - $100 What does CPI measure?
Prices for a specific Market Basket of goods. Helps determine if there is inflation.

3. 1 - $200
This theory of inflation occurs when too much money in the economy leading to the devaluing of currency.
Quantity Theory

4. 1 - $300
Name the inflation that occurs when producers raise prices in order to meet increased costs.
Cost-Push

5. 1 - $400
This type of inflation occurs when demand for goods and services exceeds existing supplies.
Demand-Pull

6. 1 - $500 Explain the type of person that would benefit from inflation.
A person who has a fixed rate interest loan.

7. 2 - $100 Who has the absolute advantage in Corn and Wheat? David David
Ben
Corn
19lbs
5lbs
Wheat
10lbs
9lbs
David

8. 2 - $200 Who has the comparative advantage in wheat? Ben David Ben
Corn
19lbs
5lbs
Wheat
10lbs
9lbs
Ben

9. 2 - $300
This occurs when producers (individuals or nations) decide to produce only certain goods.
Specialization

10. 2 - $400
The ability to produce more units of a good or service than some other producer using the same quantity of resources.
Absolute advantage

11. 2 - $500
The ability to produce a good or service at a lower opportunity cost than another producer
Comparative Advantage

12. 3 - $100 What does GDP measure?
The total value of the public and private output of goods and services produced in the U.S. in a year

13. 3 - $200
Explain what would happen to the unemployment rate in the trough phase of the business cycle?
It would increase.

14. 3 - $300
What is the equation for GDP?
C+I+G+(X-M)

15. 3 - $400 During times of economic expansion what happens to GDP?
Increase

16. 3 - $500
This is expressed in constant, or unchanging, dollars and gives us a better accuracy when measuring the growth or decline of an economy.
Real GDP

17. 4 - $100
The basis of economics—this exists in everything and explains the principal which describes resources that are limited relative to human wants.
Scarcity

18. 4 - $200
This is the minimum that can legally be charged for a good. What is an example?
Price Floor –Minimum Wage

19. 4 - $300
This type of economy is one that relies only on the government to answer the three basic economic questions.
Command Economy

20. 4 - $400
This is the degree to which a demand or supply curve reacts to a change in price (Slope).
Elasticity

21. 4 - $500
Explain what a right shift in the demand curve would do to Price and Quantity.
It would increase in P and Q.

22. 5 - $100
A lifeguard who doesn’t have a job come September experiences this type of unemployment.
Seasonal

23. 5 - $200
This type of unemployment occurs when there is not enough demand to employ all those who want to work. So it increases during times of economic contraction and decreases during times of economic expansion.
Cyclical

24. 5 - $300
Give me an example of someone who would not be counted in the unemployment statistics.
Mr. Retired Man
Mrs. Stay-at-Home Mom
Mr. Homeless Man
Mr. MBA working at Home Depot
Joe College
Mr. Big Man on High School Campus

25. 5 - $400
When somebody loses their job (or chooses to leave it) and then as they take time to look for another job experiences this type of unemployment.
Frictional

26. 5 - $500
If a company moves its production to Mexico then workers who lose their jobs would experience this type of unemployment.
Structural

27. Final Jeopardy
This is a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention
Patent