1. Final Review Game
Economics

2. Unit Two
7. What is utility?

3. Unit Two
18. Explain double taxation.

4. Unit One
1. What term means “of limited amount?”

5. Unit Three
30. Define the short-sightedness effect.

6. Unit Three
16. What are “secondary effects?”

7. Unit Three
9. An engineer who has recently graduated from college and is looking for work.

8. Unit Two
12. What are cartels?

9. Unit One
2. This term means to decide whether or not to use one more additional unit or resource.

10. Unit Two
13. How are oligopolies and monopolistic competition different? Provide examples of each.

11. Unit Three
18. Explain what the “tragedy of the commons” is and provide an example.

12. Unit Two
14. What are the four types of non-price competition?

13. Unit Three
19. Provide examples of each of negative and positive externalities.

14. Unit One
8. What is the difference between a scarcity and a shortage?

15. Unit One
10. Create a production possibilities curve using guns and butter as your axis and correctly label these points:
a. Unattainable
b. Inefficient
c. Full production during war
d. Full production during peace

16. Unit Three
22. What is the goal of protectionist policies?

17. Unit One
14. What is comparative advantage?

18. Unit One
18. A doctor performing surgery is which factor of production?

19. Unit One
20. Using a correctly labelled supply and demand graph, illustrate what would happen if consumers expect real estate prices to skyrocket in the future and how that would affect price and quantity.

20. Unit One
24. In a market for waffles, the price of syrup increases.

21. Unit One
29. What are goods that are demanded more when consumer income rises?

22. Unit Two
20. What are the advantages and disadvantages of business franchises?

23. Unit Two
1. If the benefits of a good are the same, then consumers will chose the good with the ___________ cost.

24. Unit Two
9. What is elasticity?

25. Unit Three
12. When ATMs were created, some bank tellers found themselves…

26. Unit Three
14. Which theory says that when demand for goods exceeds supply, prices are pulled up?

27. Unit Two
17. What are the advantages and disadvantages of corporations?

28. Unit Two
3. What is a price floor? Give an example

29. Unit Three
“The fluctuations of economic activity that an economy experiences over an extended period of time which drives it forward,” is also referred to as…

30. Unit One
4. What is the desired alternative that must be given up to obtain something else?

31. Unit Three
5. Why is the value of final goods included in GDP but the value of intermediate goods excluded?