Academic Raceway 500 Econ Final Rules: 1. Groups (“Pit Crews” play on their white boards each round (0ne point for each correct answer) 2. Points are.

Academic Raceway 500 Econ Final

Rules: 1. Groups (“Pit Crews” play on their white boards each round (0ne point for each correct answer) 2. Points are doubled for the final round. Photo finish round is worth 5 points 2. We will go around the room starting to my far right. You can CHOOSE A DRIVER OR PASS 3. If your driver selects the correct answer:+ 5 points. Wrong answer: -5 points 4. Your TEAM DRIVERS get two wrong answers during the duration of game: CRASH and BURN: YOUR TEAM AUTOMATICALLY IS Disqualified (out for the rest of the race) Round One (circle a car for each correct question answered-One point each): R Round Two (circle a car for each correct question answered-Two points each: The Econ Final 500 Kirby-CHS 1 23 45 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Driver Score Correct answer: +5 (circle) Wrong answer: -5 (Mark an X on ”Crash” and “Burn”) Two Xs and Your team is disqualified CRASH BURN

Welcome to the Econ Final 500 Complete Three Races to Win the “Golden Plunger” Qualifying Lap Atlanta Motor Speedway Indianapolis 500 Econ Final 500 Click here to begin. Click here to begin.

Qualifying Lap QUALIFYING LAP Click on the key to start

Pick the right pit stop to win the race. b. Natural Resources a. Capital Resources 1. All the things in nature that can be used to produce goods & services are called:

Click here to go back to the correct Pit Stop and have your car repaired. You’ve Crashed!

Pick the right pit stop to win the race. 2. Economists use the circular flow model to show: a. How resources, products and money payments are exchanged in the U.S. b. How decisions are made by buyers and sellers in the market

Click here to go back to the correct Pit Stop and have your car repaired. You’ve Crashed

Pick the right pit stop to win the race. 3. Which of the following is NOT one of the basic economic questions? b. For whom shall goods be produced a.Where shall goods be produced

Pick the right pit stop to win the race. a. What is given up when a choice is made b. The price of goods and services 4. Opportunity cost is defined by economists as

Pick the right pit stop to win the race. b. Down a. Up 5. When Price Goes up, supply goes :

Congratulations! You’ve Qualified! Click here to go to your first race.

Atlanta Motor Speedway Click on the key to start

Pick the right pit stop to win the race. a. Related Goods b. Resource Cost 6. The “R” in R-A-T-N-E-S-T stands for

Pick the right pit stop to win the race. 7. When the price of hot dogs goes up the: b. The D for hot dog buns goes down a. QD of hot dog buns goes up

Pick the right pit stop to win the race. 8. Jeans, toothpaste and batteries are examples of this type of market structure: a. Perfect Competition b. Monopolistic Competition

Pick the right pit stop to win the race. a. The last item consumed is less satisfying than the previous one. b. As the price goes up; you will be less satisfied 9. According to the "law of diminishing marginal utility“:

Pick the right pit stop to win the race. a. Left b. Right 10. A new football league would move the supply curve(more football games) to the:

Congratulations! You’ve Completed the First Race! Click here to go to your next race to win the Academic Cup.

Indianapolis 500 INDIANAPOLIS 500 Click on the key to start

Pick the right pit stop to win the race. a. The technology of production improved b. Resources used in production became more costly 11. The supply curve would shift to the right if:

Pick the right pit stop to win the race. 12. An increase in the tastes & preferences for Snickers will: a. Increase demand, increase price, increase quantity b. Increase demand, decrease price, increase quantity

Pick the right pit stop to win the race. 13. A certificate of ownership in a corporation is called: a. Bond b. Stock

Pick the right pit stop to win the race. a. Perfect Competition b. Pure Monopoly 14. Which market structure has the least control over prices?

Pick the right pit stop to win the race. a. Fiscal Policy b. Monetary Policy 15. Managing the economy by decreasing government spending & increasing taxes ("G"&"T") is an example of:

On to the Final Race: The Econ 500

Pick the right pit stop to win the race. Qualifying Lap Econ Final 500 Click on the key to start

Return a. Control imports and exports b. Regulate the economy 16. The federal government uses fiscal & monetary policy to: Econ Final 500 Points are Doubled! “Pit Crew” scores only

Return ANSWER: b. Regulate the economy 16. The federal government uses fiscal & monetary policy to: Econ Final 500 Points are Doubled! “Pit Crew” scores only

Return a. Charge interest on loans b. Give loans to people Econ Final 500 Points are Doubled! “Pit Crew” scores only 17. Banks create money when they:

Return Answer: b. Give loans to people Econ Final 500 Points are Doubled! “Pit Crew” scores only 17. Banks create money when they:

Return a. A “Tight Money” Policy b. An “Easy Money” Policy Econ Final 500 Points are Doubled! “Pit Crew” scores only 18. To stimulate the economy during a recession, the Fed would likely adopt a(an):

Return Answer: b. An “Easy Money” Policy Econ Final 500 Points are Doubled! “Pit Crew” scores only 18. To stimulate the economy during a recession, the Fed would likely adopt a(an):

Return a. Cost-Push Theory b. Demand-Pull Theory Econ Final 500 Points are Doubled! “Pit Crew” scores only 19. Inflation that results from an increase in labor cost is called:

Return Answer: a. Cost-Push Theory Econ Final 500 Points are Doubled! “Pit Crew” scores only 19. Inflation that results from an increase in labor cost is called:

Return a. CPI b. GDP Econ Final 500 Points are Doubled! “Pit Crew” scores only 20. A market basket of 364 items that consumers buy that economists use to track inflation is:

Return Answer: a. CPI Econ Final 500 Points are Doubled! “Pit Crew” scores only 20. A market basket of 364 items that consumers buy that economists use to track inflation is:

Can you name this Movie Photo Finish Tie Breaker

Can you name this Movie Photo Finish Round: 5 points

Can you name this Movie Photo Finish Tie Breaker

Can you name this Movie

Total Your Scores Now

Congratulations! You’ve Won the Trophy! THE WINNER’S CIRCLE

Academic Raceway 500 Econ Final Rules: 1. Groups (“Pit Crews” play on their white boards each round (0ne point for each correct answer) 2. Points are.

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Academic Raceway 500 Econ Final Rules: 1. Groups (“Pit Crews” play on their white boards each round (0ne point for each correct answer) 2. Points are.

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Presentation on theme: "Academic Raceway 500 Econ Final Rules: 1. Groups (“Pit Crews” play on their white boards each round (0ne point for each correct answer) 2. Points are."— Presentation transcript:

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