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Economic Test Jeopardy Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy
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$100 Market Structures Which is not a legal monopoly? Resource monopolies Government-created monopolies Competitive monopolies Natural monopolies
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$100 Answer for Market Structures Resource monopolies Government-created monopolies Competitive monopolies Natural monopolies
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$200 Market Structures Many producers supply similar but varied products
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$200 Answer for Market Structures Monopolistic Competition
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$300 Market Structures Few firms dominate the market and produce similar goods
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$300 Answer for Market Structures Oligopoly
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$400 Market Structures Many producers supply an identical product and no control over prices
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$400 Answer for Market Structures Perfect Competition
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$500 Market Structures Which of these is a public good? maids cell phones police banks
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$500 Answer for Market Structures maids cell phones police banks
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$100 Types of Businesses With which form of business is most closely associated with limited risk/liability?
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$100 Answer for Types of Businesses Corporations
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$200 Types of Businesses One owner, keeps all profits, makes all decisions
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$200 Answer for Types of Businesses Sole Proprietorship
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$300 Types of Businesses Two or more people, shared decision making, easy to start
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$300 Answer for Types of Businesses Partnership
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$400 Types of Businesses A person who takes a risk of starting a business or creates a product is called an …
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$400 Answer for Types of Businesses Entrepreneur
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$500 Types of Businesses Ownership in a corporation is called?
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$500 Answer for Types of Businesses Shares of stock
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$100 Unemployment The unemployment rate does NOT include which of the following: person seeking their first job person who have retired person between jobs person laid off during recessions
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$100 Answer for Unemployment person seeking their first job person who have retired person between jobs person laid off during recessions
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$200 Unemployment A type of unemployment that results from a period of decline in the business cycle
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$200 Answer for Unemployment Cyclical
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$300 Unemployment A type of unemployment that results when workers are seeking their first job
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$300 Answer for Unemployment Frictional
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$400 Unemployment A mismatch between job seekers and job openings. Job seekers may lack skills or education.
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$400 Answer for Unemployment Structural
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$500 Unemployment People who work at Busch Gardens lose their jobs in winter months.
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$500 Answer for Unemployment Seasonal
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$100 Measuring the Economy What is the CPI used to measure?
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$100 Answer for Measuring the Economy Inflation
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$200 Measuring the Economy The market value of all final goods and services produced within a country during a given period of time adjusted for inflation
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$200 Answer for Measuring the Economy Real GDP Gross Domestic Product
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$300 Measuring the Economy A rise in the price of goods and services (inflation) caused by an increase in overall demand
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$300 Answer for Measuring the Economy Demand pull
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$400 Measuring the Economy A nation’s real GDP divided by its population.
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$400 Answer for Measuring the Economy Per Capita GDP
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$500 Measuring the Economy A rise in price of goods and services caused by increases in the cost of the factors of production.
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$500 Answer for Measuring the Economy Cost push
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$100 Other Junk The current value of a country’s output including the cost of inflation.
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$100 Answer for Other Junk Nominal GDP
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$200 Other Junk The phase of the business cycle in which economic activity is in decline.
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$200 Answer for Other Junk Contraction
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$300 Other Junk During an expansion in the economy, what likely happens to unemployment?
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$300 Answer for Other Junk Decreases
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$400 Other Junk Goods and services produced in other countries and sold in the U.S.
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$400 Answer for Other Junk Imports
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$500 Other Junk Mr. Knoche buys a bag of Doritos. In what part of GDP is this included?
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$500 Answer for Other Junk C Household Consumption
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Final Jeopardy A decline in economic activity over a period of at least six months is called?
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Final Jeopardy Answer Recession
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