1. Welcome to
Jeopardy!

2. Directions:
Scroll through the presentation and enter the answers (which are really the questions) and the questions (which are really the answers).
Enter in the categories on the main game boards.
As you play the game, click on the TEXT DOLLAR AMOUNT that the contestant calls, not the surrounding box.
When they have given a question, click again anywhere on the screen to see the correct question. Keep track of which questions have already been picked by printing out the game board screen and checking off as you go.
Click on the “Game” box to return to the main scoreboard.
Enter the score into the black box on each players podium.
Continue until all clues are given.
When finished, DO NOT save the game. This will overwrite the program with the scores and data you enter. You MAY save it as a different name, but keep this file untouched!

3. Final Jeopardy
Round 1
Round 2
TEAM 1
TEAM 2
TEAM 3

4. TEAM 1 TEAM 2 TEAM 3 TEAM 4 TEAM 5 TEAM 6 TEAM 7 TEAM 8
Final Jeopardy
Round 1
Round 2
TEAM 1
TEAM 2
TEAM 3
TEAM 4
TEAM 5
TEAM 6
TEAM 7
TEAM 8

5. Demand
Changes in Demand
Elasticity
Supply
Government Influence
Round 1
$25
$25
$25
$25
$25
Round 2
$50
$50
$50
$50
$50
Final Jeopardy
$75
$75
$75
$75
$75
Scores
$100
$100
$100
$100
$100

6. $25
When a consumer is able and willing to buy a good or service he/she is creating what?

7. $25
demand
Scores

8. $50
As price rises, quantity desired falls – this is an illustration of what economic principle?

9. $50
Law of demand
Scores

10. How is future price related to current demand?
$75
How is future price related to current demand?

11. $75
If future prices are expected to rise, current demand will increase (and vise versa)
Scores

12. All other things held constant
$100
All other things held constant

13. $100
Ceteris Paribus
Scores

14. $25
When the price of goods goes up, people get less for their money, and consumption goes down – this demonstrates what economic principle?

15. $25
Income effect
Scores

16. $50
As a consumer’s income rises, they purchase fewer goods like generic Mac and Cheese. What do we call these types of goods?

17. $50
Inferior goods
Scores

18. What happens to the demand for a good as the result of a holiday fad?
$75
What happens to the demand for a good as the result of a holiday fad?

19. The demand curve shifts to the right rapidly
$75
The demand curve shifts to the right rapidly
Scores

20. Daily
Double

21. Describe what is meant by a shift in the demand curve
$100
Describe what is meant by a shift in the demand curve

22. A change in quantity demanded at every price
$100
A change in quantity demanded at every price
Scores

23. Which of these factors DOES NOT effect elasticity?
$25
Which of these factors DOES NOT effect elasticity?
Availability of substitutes
A good’s relative importance
The good’s price range
Whether a good is a necessity or a luxury

24. $25 3. The good’s price range
Scores

25. What does it mean when the demand for a good is inelastic?
$50
What does it mean when the demand for a good is inelastic?

26. A price change will not have a significant impact on buying habits
$50
A price change will not have a significant impact on buying habits
Scores

27. $75
The percentage change in quantity demanded is exactly equal to the percentage change in price

28. $75
Unitary elastic
Scores

29. What describes demand with an elasticity of less than 1
$100
What describes demand with an elasticity of less than 1

30. $100
inelastic
Scores

31. According to the law of supply, the as price rises,________
$25
According to the law of supply, the as price rises,________

32. The larger the quantity produced
$25
The larger the quantity produced
Scores

33. What is the effect of import restrictions on prices?
$50
What is the effect of import restrictions on prices?

34. They cause prices to rise
$50
They cause prices to rise
Scores

35. $75
What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?

36. Store the goods until prices rise
$75
Store the goods until prices rise
Scores

37. $100
What factor has the greatest influence on elasticity or inelasticity of supply?

38. $100
Time
Scores

39. Name 2 ways in which the government can influence supply
$25
Name 2 ways in which the government can influence supply

40. Subsidies, excise taxes, regulation
$25
Subsidies, excise taxes, regulation
Scores

41. $50
Rent control, an attempt to control the high cost of rent for lower-income families, is an example of what kind of government control on markets

42. $50
Price ceiling
Scores

43. $75
Why did Communist governments use a command economic system for many years?

44. An attempt to create economic equity
$75
An attempt to create economic equity
Scores

45. $100
What policy did the US government use during WW II to guarantee each civilian a minimum standard of living – and what was the result?

46. Rationing – a black market in rationed goods
$100
Rationing – a black market in rationed goods
Scores

47. Excess Supply and Demand
Costs & Revenue
Potpourri
Production Costs
Vocab
Round 2
$50
$50
$50
$50
$50
Round 1
$100
$100
$100
$100
$100
Final Jeopardy
$150
$150
$150
$150
$150
Scores
$200
$200
$200
$200
$200

48. Rent is an example of what category of cost?
$50
Rent is an example of what category of cost?

49. $50
Fixed Cost
Scores

50. $100
Ticket-takers’ hourly wages are an example of what category of cost for a baseball franchise?

51. $100
Variable cost
Scores

52. $150
At the most profitable level of production, a firm’s marginal cost will _______ the market price.

53. $150
Be equal to
Scores

54. Define marginal revenue
$200
Define marginal revenue

55. $200
The additional revenue generated from the production and sale of one more unit of as good or service
Scores

56. What kind of system is the economy of the United States based on?
$50
What kind of system is the economy of the United States based on?

57. $50
A market economy
Scores

58. Daily
Double

59. $100
What shows the quantities of products demanded at each price by all consumers in a market?

60. A market demand schedule
$100
A market demand schedule
Scores

61. $150
A person moves from a desert community to a rainy city by the ocean, what will happen to this person’s individual demand curve for umbrellas?

62. It will move to the right
$150
It will move to the right
Scores

63. $200
What determines how a change in prices will affect total revenue for a company?

64. Elasticity of demand for its products
$200
Elasticity of demand for its products
Scores

65. $50
According to Figure 6.2, in this market, a price of $1.00 would be a

66. $50
Price Ceiling
Scores

67. $100
According to Figure 6.2, in this market, a price of $1.50 would be

68. $100
equilibrium
Scores

69. $150
According to Figure 6.2, at the equilibrium price, how many slices of pizza will be sold?

70. $150
200
Scores

71. $200
If the government set a price of $2.00 a slice, how many slices of pizza will be sold each day, according to Figure 6.2?

72. $200
150
Scores

73. $50
According to the figure, how is the figure for profit arrived at?

74. Total Revenue – Total Cost
$50
Total Revenue – Total Cost
Scores

75. $100
According to the figure, to achieve the greatest profit, how many beanbags should be made?

76. $100 10
Scores

77. Daily
Double

78. $150
Why does the fixed cost stay the same no matter how much is produced?

79. $150
The fixed cost is the cost of keeping the factory open regardless of how many bags are produced. It does not change as long as the factory stays in the same place.
Scores

80. $200
why does “Marginal Cost” go down and then up again as more goods are produced?

81. $200
Marginal cost initially decreases as more bags are produced because the fixed costs are spread over more units and because the workers begin to specialize. After a certain point, however (4 bags), the marginal cost begins to increase because the benefits of specialization are exhausted and more workers begin to share a fixed production facility.
Scores

82. $50
For this kind of product, a consumer’s demand will increase as his or her income increases

83. $50
A normal good
Scores

84. Demand for goods that are a necessity is usually ________.
$100
Demand for goods that are a necessity is usually ________.

85. $100
inelastic
Scores

86. A tax on the sale or manufacture of a good.
$150
A tax on the sale or manufacture of a good.

87. $150
Excise tax
Scores

88. A sudden drop in the supply of a good
$200
A sudden drop in the supply of a good

89. $200
Supply shock
Scores

90. Government Intervention in the Economy Final Jeopardy Question
Scores

91. A government-mandated minimum price that must be paid for a good or service

92. A price floor
Scores