2. MID TERM “Jeopardy Dukes of Hazzard Challenge”

3. BO LUKEUNCLE JESSIE ROSCOE CLETUS 10 30 20 40 50 10 30 20 40 50 10 30 20 40 50 10 30 20 40 50 10 30 20 40 50

4. Question:? Check Your Answer for 10 WHAT IS THE RESULT OF PRIOR PRODUCTION

5. Answer: CAPITAL Back to the Game Board for 10

6. Question:? Check Your Answer for 20 WHAT IS THE FUNDAMENTAL ECONOMIC PROBLEM

7. Answer: SCARCITY Back to the Game Board for 20

8. Question:? WHAT ARE THE THREE BASIC ECONOMIC QUESTIONS Check Your Answer for 30

9. Answer: WHAT TO PRODUGE, HOW TO PRODUCE IT, WHO GETS IT Back to the Game Board for 30

10. Question:? WHAT IS A MERGER OF DIFFERENT CORPORATIONS INVOLVED IN DIFFERENT STEPS OF MANUFACTURING. Check Your Answer for 40

11. Answer: VERTICAL MERGER Back to the Game Board for 40

12. Question?: WHAT IS THE ACT OF GIVING UP ONE THING TO OBTAIN ANOTHER Check Your Answer for 50

13. Answer: TRADEOFF Back to the Game Board for 50

14. Question ?: WHAT IS THE COST OF PRODUCING JUST ONE MORE PRODUCT CALLED Check Your Answer for 10

15. Answer: MARGINAL COST Back to the Game Board for 10

16. Question?: WHAT TYPE OF BUSINESS HAS UNLIMITED LIFE AND LIMITED LIABILITY Check Your Answer for 20

17. Answer: CORPORATION Back to the Game Board for 20

18. Question?: WHAT DO WE CALL THESE ACTS, BUYING STOCK, GOING TO COLLEGE, PURCHASING NEW EQUIPMENT FOR YOUR BUSINESS Check Your Answer for 30

19. Answer: INVESTING Back to the Game Board for 30

20. Question?: WHAT IS THE MOST COMMON TYPE OF BUSINESS IN AMERICA AND ALSO THE EASIEST TO START Check Your Answer for 40

21. Answer: SOLE PROPRIETORSHIP Back to the Game Board for 40

22. Question?: WHAT DO WE CALL THE SUM OF ECONOMIC PRODUCTS THAT ARE TANGIBLE, TRANSFERRABLE, SCARCE AND USEFUL Check Your Answer for 50

23. Answer: WEALTH Back to the Game Board for 50

24. Question?: WHO DECIDES WHAT IS PRODUCED IN A FREE ENTERPRISE SYSTEM Check Your Answer for 10

25. Answer: CONSUMER Back to the Game Board for 10

26. Question?: WHAT IS THE DOLLAR VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN ONE YEAR Check Your Answer for 20

27. Answer: G.D.P OR GROSS DOMESTIC PRODUCT Back to the Game Board for 20

28. Question?: WHAT DO WE CALL THE SITUATION IN WHICH NECCESSITIES HAVE VERY LITTLE VALUE AND WANTS ARE VERY EXPENSIVE Check Your Answer for 30

29. Answer: PARADOX OF VALUE Back to the Game Board for 30

30. Question?: IF A PRODUCT HAS A LARGE PRICE CHANGE WITH LITTLE CHANGE IN DEMAND, THAT PRODUCT IS Check Your Answer for 40

31. Answer: INELASTIC Back to the Game Board for 40

32. Question?: WHAT EFFECT LEADS CONSUMERS TO REPLACE SOMETHING COSTLY WITH SOMETHING CHEAPER Check Your Answer for 50

33. Answer: SUBSTITUTION EFFECT Back to the Game Board for 50

34. Question?: WHAT TYPE OF ECONOMY CAN CHANGE PRODUCTION DECISIONS QUICKLY AND EVERYONE GETS A SHARE OF PRODUCTION Check Your Answer for 10

35. Answer: COMMAND ECONOMY Back to the Game Board for 10

36. Question?: COST OF INPUTS OR WORKER PRODUCTIVITY CAN CAUSE THIS CURVE TO SHIFT RIGHT OR LEFT Check Your Answer for 20

37. Answer: SUPPLY CURVE Back to the Game Board For 20

38. Question?: WHAT PRICE FLOOR SHOWS AMERICA’S DESIRE FOR EQUITY OVER MARKET EFFICIENCY Check Your Answer for 30

39. Answer: MINIMUM WAGE LAW Back to the Game Board For 30

40. Question: IN WHAT STAGE OF PRODUCTION DO WORKERS GET IN EACH OTHERS WAY AND WHAT IS THAT STAGE CALLED Check Your Answer for 40

41. Answer: STAGE 3 AND STAGE OF NEGATIVE RETURNS Back to the Game Board for 40

42. Question?: IN CALCULATING BUSINESS EXPENSES, IT IS IMPORTANT TO KNOW THAT FIXED PLUS VARIABLE COSTS EQUAL Check Your Answer for 50

43. Answer: TOTAL COSTS Back to the Game Board for 50

44. Question?: AT WHAT POINT ON A SUPPLY AND DEMAND SCHEDULE IS THE OPTIMAL POINT OF PRODUCTION AND PROFITS MAXIMIZED Check Your Answer for 10

45. Answer: WHERE MARGINAL COSTS EQUAL MARGINAL REVENUE Back to the Game Board for 10

46. Question: WHAT TERM BEST DESCRIBES HIGH ADMINISTRATIVE COSTS, NO INCENTIVE TO WORK AND A LACK OF FAIRNESS Check Your Answer for 20

47. Answer: ALLOCATION BY RATIONING Back to the Game Board for 20

48. Question: THIS TYPE OF BUSINESS HAS AN UNFAIR ADVANTAGE OVER COMPETITION DUE TO A SCIENTIFIC ADVANCE OR PROCESS Check Your Answer for 30

49. Answer: TECHNOLOGICAL MONOPOLY Back to the Game Board for 30

50. Question?: THIS MEDIUM OF EXCHANGE LOSES ITS VALUE WHEN IT BECOMES TOO PLENTIFUL Check Your Answer for 40

51. Answer: MONEY Back to the Game Board for 40

52. Question?: CONSUMERS TRADE PRODUCTS AND LABOR FOR MONEY IN WHAT MARKET Check Your Answer for 50

53. Answer: FACTOR MARKET Back to the Game Board for 50

54. Question? WHAT CHARACTERISTIC OF MONEY IS DECIDED BY ITS UNITS OF MEASURE. HINT: US DOLLAR HAS 10 UNITS Check Your Answer FINAL JEOPARDY

55. Answer: DIVISIBLE All of you are winners in my book Bahahahahahaha!!!!! FINAL JEOPARDY