2. Assignment 5: Jeopardy (25 notes)

3. Mr. Hernandez

4. Intro to Economics

5. 500 100 200 300 100 300 200 300 200 100 200 500 300 200 100 400 KOBEKOBE GASOLGASOLFISHERFISHER ARTESTARTEST ODOMODOM

6. _____ is the struggle among producers for a consumer’s business. (pg. 31) $100

7. Competition is the struggle among producers for a consumer’s business. Back to Game

8. Why does even a free market need gov. intervention? (pg. 40-41) $200

9. Why does even a free market need gov. intervention? Because gov. provides thing the market wouldn’t have. Back to Game

10. What are the three economic questions? (pg. 23- 24) $300

11. What are the three economic questions? What to make, how to make it, and who gets it. Back to Game

12. What type of economy is China? (pg. 43) $400

13. What type of economy is China? Mixed, but on the side of centrally planned. Back to Game

14. What incentive motivates a manufacturer to sell a product? (pg. 30-31) $500

15. Back to Game What incentive motivates a manufacturer to sell a product? profit

16. Who was the free market philosopher that was the OG of economics? (pg. 33) $100

17. Who was the free market philosopher that was the OG of economics? Adam Smith Back to Game

18. A ____ _____ economy is one in which the gov. makes all the decisions. (pg. 27) $200

19. A centrally planned economy is one in which the gov. makes all the decisions. Back to Game

20. Who was the man who introduced communism to the Soviet Union? (pg. 36) $300

21. Who was the man who introduced communism to the Soviet Union? Vladimir Lenin Back to Game

22. $400 A person who believes in laissez faire believes the gov. should be more/less involved in the economy? (pg. 41)

23. A person who believes in laissez faire believes the gov. should be less involved in the economy? Back to Game

24. $500 What is an example of a safety net that the gov provides for people? (pg. 26)

25. What is an example of a safety net that the gov provides for people? unemployment Back to Game

26. ______ is the idea that democratic means should be used to distribute wealth evenly. (pg. 35) $100

27. Socialism is the idea that democratic means should be used to distribute wealth evenly. Back to Game

29. A gov. that prints posters encouraging workers to work increase productivity is likely what type of economy?

30. Centrally planned Back to Game

31. $300 What is hard to achieve in a free market system (pg. 32) : Efficiency, equality, freedom, or growth?

32. What is hard to achieve in a free market system: equality Back to Game

33. $400 If I am living on an island somewhere and I’m going to be a hunter like my dad, what type of economy am I part of (pg. 27)?

34. If I am living on an island somewhere and I’m going to be a hunter like my dad, what type of economy am I part of? traditional Back to Game

35. $500 The one good thing about a centrally planned economy is that most people have ____.

36. The one good thing about a centrally planned economy is that most people have jobs. Back to Game

37. $100 _____ ______ laws make businesses disclose information to the public to make buyers more knowledgeable and safe.

38. Public disclosure laws make businesses disclose information to the public to make buyers more knowledgeable and safe. Back to Game

39. $200 When an economy is in transition, it means it is moving from a ______ economy to a ________ economy.

40. When an economy is in transition, it means it is moving from a centrally planned economy to a free market economy. Back to Game

41. $300 What is the difference between a business cycle and day-to-day ups and downs in the market?

42. Business cycles are prolonged (long term) Back to Game

43. $400 Tell me an example of a public good.

44. Library, freeway… Back to Game

45. $500 What does Social Security do?

46. Provides benefits to the elderly Back to Game

47. $100 A ____ ____ is someone who uses a service they don’t pay for (pg. 63).

48. A free rider is someone who uses a service they don’t pay for. Back to Game

49. $200 Technology makes an economy more _________ (pg. 59)

50. Technology makes an economy more efficient. Back to Game

51. $300 What rights does the US Constitution give people in relation to business (pg. 52)?

52. What rights does the US Constitution give people in relation to business? Private property, limits on taxes, and right to make contracts. Back to Game

53. $400 Why does the government give patents and copyrights (pg. 60)?

54. Why does the government give patents and copyrights? To encourage innovation. Back to Game

55. $500 Mr. Robinson plays music that you hate in Econ. The music is an example of a _______ externality (pg. 65).

56. Mr. Robinson plays music that you hate in Econ. The music is an example of a negative externality. Back to Game