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Economics Review Jeopardy Final 1Final 2Final 3Final 4Final 5 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 Question from Final 1 What is the value of the next best alternative that has to be given up for the action that is chosen?
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$100 Answer from Final 1 Opportunity Cost
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$200 Question from Final 1 Businesses can make decisions about the best use of their resources by analyzing what?
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$200 Answer from Final 1 Production Possibilities
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$300 Question from Final 1 What is a messenger service’s car an example of?
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$300 Answer from Final 1 Capital
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$400 Question from Final 1 Adam Smith’s “invisible hand” refers to the role of the _______.
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$400 Answer from Final 1 Market
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$500 Question from Final 1 What is the major characteristic of a pure market economy?
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$500 Answer from Final 1 Unrestricted Competition
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$100 Question from Final 2 What does the term “equity” mean?
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$100 Answer from Final 2 Fairness
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$200 Question from Final 2 What is the term for the ability to start new business and take risks?
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$200 Answer from Final 2 Entrepreneur
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$300 Question from Final 2 Which type of economy answers the three basic economic questions according to customs?
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$300 Answer from Final 2 Traditional Economies
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$400 Question from Final 2 What type of economy does North Korea have?
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$400 Answer from Final 2 Command Economy
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$500 Question from Final 2 Generic products are those that _____________.
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$500 Answer from Final 2 Have no brand name.
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$100 Question from Final 3 What is a promise to repair or replace a faulty product?
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$100 Answer from Final 3 Warranty
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$200 Question from Final 3 According to the law of demand, higher prices prompt consumers to ___________.
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$200 Answer from Final 3 Buy Less
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$300 Question from Final 3 What type of advertising simply informs the consumer about the price of a product?
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$300 Answer from Final 3 Informative Advertising
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$400 Question from Final 3 What is the term for money that can be saved or spent after paying for necessities?
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$400 Answer from Final 3 Disposable Income
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$500 Question from Final 3 What is the law setting the maximum interest rate?
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$500 Answer from Final 3 Usury Law
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$100 Question from Final 4 What is the term for a good that lasts a number of years?
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$100 Answer from Final 4 Durable Good
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$200 Question from Final 4 According to the law of demand, price and quantity demanded have a ______ relationship.
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$200 Answer from Final 4 Opposite (inverse)
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$300 Question from Final 4 Automobile liability insurance covers ____________ and ______________.
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$300 Answer from Final 4 Bodily Injury and Property Damage
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$400 Question from Final 4 What is one advantage of purchasing a franchise?
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$400 Answer from Final 4 Franchisers help set up and often provide training
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$500 Question from Final 4 What is a limited partnership?
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$500 Answer from Final 4 A partnership where one partner bears no interest.
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$100 Question from Final 5 Non-price competition is a characteristic of ________ and _____________.
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$100 Answer from Final 5 Monopolistic Competition and Oligopoly
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$200 Question from Final 5 What does market structure describe?
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$200 Answer from Final 5 The amount of competition on the market
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$300 Question from Final 5 Why was the Federal Reserve created?
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$300 Answer from Final 5 To control the amount of money in circulation
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$400 Question from Final 5 What is representative money?
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$400 Answer from Final 5 Money that is backed by a valuable item, such as gold
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$500 Question from Final 5 Name an example of antitrust legislation.
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$500 Answer from Final 5 Clayton Act
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Final Jeopardy Loose money policy leads to an increase in what?
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Final Jeopardy Answer Inflation
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