1. Economics Jeopardy!!!!
The final is 109 multiple choice, drawing supply & demand graphs, & 1 essay on why nations are wealthy

2. Final Jeopardy
Right Center
Right Side of Room
Left Center
Left Side of Room
Chapter 1
Chapter 2 & 9
Chapter 12, 13, & 14
Chapter 3, 4, 5, & 11
Hodgepodge
100
200
300
400
500

3. Question: Chapter 1 100 Points
What is the fundamental problem of economics

4. Answer: Chapter 1 100 Points
What is Scarcity

5. Question: Chapter 1 200 Points
Adam Smith believed government should have a minimal role in the economy known as

6. Answer: Chapter 1 200 Points
What is Laissez-faire

7. Question: Chapter 1 300 Points
Define GDP?

8. Answer: Chapter 1 300 Points
What is Total value of all final goods and services produced in a country during one year (Gross Domestic Product)

9. Question: Chapter 1 400 Points
The cost of the next best alternative when a choice is made

10. Answer: Chapter 1 400 Points
What is opportunity Cost

11. Question: Chapter 1 500 Points
What is the productivity equation (note it has all 4 factors of production)

12. Answer: Chapter 1 500 Points
What is Land + Labor + Capital + Entrepreneurship = Goods and services

13. Question: Chapter 2 & 9 100 Points
Economy that is controlled by a central authority that answer the 3 economic questions

14. Answer: Chapter 2 & 9 100 Points
What is a
Command Economy
Also know Market and Traditional

15. Question: Chapter 2 & 9 200 Points
A person who takes a risk in starting their own business

16. Answer: Chapter 2 & 9 200 Points
What is an
Entrepreneur

17. Question: Chapter 2 & 9 300 Points
Cost of adding one more hits a point where it is greater than the benefit

18. Answer: Chapter 2 & 9 300 Points
What is
Diminishing Marginal Utility
Marginal = cost of 1 more
Utility = Satisfaction

19. Question: Chapter 2 & 9 400 Points
An economic goal that the economy operate with very little waste of time or resources is

20. Answer: Chapter 2 & 9 400 Points
What is
Efficiency
Know the other goals too

21. Question: Chapter 2 & 9 500 Points
At what point is the economy acting inefficiently?

22. Answer: Chapter 2 & 9 500 Points
What is A

23. Question: Chapter 12, 13, & 14 100 Points
The means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy

24. Answer: Chapter 12, 13, & 14 100 Points
What is
Fiscal Policy
Monetary Policy = Federal Reserve control of money supply

25. Question: Chapter 12, 13, & 14 200 Points
Adam Smith had 4 things and there are 5 characteristics of good tax, which says there should be maximum gain for government and minimum loss for taxpayers

26. Answer: Chapter 12, 13, & 14 200 Points
What is
Efficiency
They should also be equity, certainty, convenience, and reason

27. Question: Chapter 12, 13, & 14 300 Points
Cost or benefit not incurred by the consumer or supplier in a free-market transaction

28. Answer: Chapter 12, 13, & 14 300 Points
What is an Externality

29. Question: Chapter 12, 13, & 14 400 Points
When the government spends more than it collects, the difference is known as

30. Answer: Chapter 12, 13, & 14 400 Points
What is A Deficit

31. Question: Chapter 12, 13, & 14 500 Points
Which economists believe that during a recession the government should increase government spending by borrowing money

32. Answer: Chapter 12, 13, & 14 500 Points
What is
Keynesian
Remember What Classical (Adam Smith) and Monetary (Milton Friedman) believed as well

33. Question: Chapter 3, 4, 5, & 11 100 Points
Which is the supply curve? A B

34. Answer: Chapter 3, 4, 5, & 11 100 Points
What is A

35. Question: Chapter 3, 4, 5, & 11 200 Points
If supply can easily be expanded due to an increase in price this is known as

36. Answer: Chapter 3, 4, 5, & 11 200 Points
What is Supply Elasticity

37. Question: Chapter 3, 4, 5, & 11 300 Points
If peanut butter prices double what can we assume will happen to the jelly / jam market?

38. Answer: Chapter 3, 4, 5, & 11 300 Points
What is Demand will decrease or shift to the left since it is a change in complementary goods

39. Question: Chapter 3, 4, 5, & 11 400 Points
What is the only market structure not considered a failure

40. Answer: Chapter 3, 4, 5, & 11 400 Points
What is
Perfect Competition
Know how to identify the different structures: Monopoly, Oligopoly, Monopolistic Competition

41. Question: Chapter 3, 4, 5, & 11 500 Points
The minimum wage set at $8.90 or above is an example of what kind of price control and what could it cause

42. Answer: Chapter 3, 4, 5, & 11 500 Points
What is
A price floor that causes surplus of workers
Know how to draw it and a price ceiling

43. Question: Hodgepodge 100 Points
Quality of life based on the possession of the necessities and luxuries that make life easier is called

44. Answer: Hodgepodge 100 Points
What is Standard of Living

45. Question: Hodgepodge 200 Points
Which economy is displayed in the following graphic

46. Answer: Hodgepodge 200 Points
What is a Market Economy

47. Question: Hodgepodge 300 Points
What is governments main role in a mixed economy

48. Answer: Hodgepodge 300 Points
What is Enforce laws, provide equal protection (Copyright, patents, etc.)

49. Question: Hodgepodge 400 Points
The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.

50. Answer: Hodgepodge 400 Points
What is Comparative Advantage

51. Question: Hodgepodge 500 Points
Name 2 of the 4 common trade barriers

52. Answer: Hodgepodge 500 Points
What are
Tariffs
Quotas
Embargos
Non-Tariff Barrier (regulations / standards, subsidies, etc.)

53. Final Jeopardy – Make your Wager

54. Final Jeopardy Question
List and explain three characteristics of wealthy nations.

55. Final Jeopardy Answer What is
Free Market COMPETITION (“invisible hand”)
Specialization/Division of Labor/Technology
Government protects life, liberty and property (private property rights and contracts upheld)
Rule of Law is respected-EVERYONE must obey the same law (little corruption, bribery, etc)
High Human Capital (educated citizenry)
Engaged in international trade with few barriers
Transportation systems-numerous
“Low” taxes and “low” inflation
Moderate birth rate growth or immigration growth