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Assignment 5: Jeopardy (25 notes)
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Mr. Hernandez
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Intro to Economics
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500 100 200 300 100 300 200 300 200 100 200 500 300 200 100 400 KOBEKOBE GASOLGASOLFISHERFISHER ARTESTARTEST ODOMODOM
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_____ is the struggle among producers for a consumer’s business. (pg. 31) $100
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Competition is the struggle among producers for a consumer’s business. Back to Game
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Why does even a free market need gov. intervention? (pg. 40-41) $200
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Why does even a free market need gov. intervention? Because gov. provides thing the market wouldn’t have. Back to Game
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What are the three economic questions? (pg. 23- 24) $300
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What are the three economic questions? What to make, how to make it, and who gets it. Back to Game
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What type of economy is China? (pg. 43) $400
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What type of economy is China? Mixed, but on the side of centrally planned. Back to Game
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What incentive motivates a manufacturer to sell a product? (pg. 30-31) $500
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Back to Game What incentive motivates a manufacturer to sell a product? profit
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Who was the free market philosopher that was the OG of economics? (pg. 33) $100
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Who was the free market philosopher that was the OG of economics? Adam Smith Back to Game
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A ____ _____ economy is one in which the gov. makes all the decisions. (pg. 27) $200
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A centrally planned economy is one in which the gov. makes all the decisions. Back to Game
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Who was the man who introduced communism to the Soviet Union? (pg. 36) $300
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Who was the man who introduced communism to the Soviet Union? Vladimir Lenin Back to Game
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$400 A person who believes in laissez faire believes the gov. should be more/less involved in the economy? (pg. 41)
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A person who believes in laissez faire believes the gov. should be less involved in the economy? Back to Game
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$500 What is an example of a safety net that the gov provides for people? (pg. 26)
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What is an example of a safety net that the gov provides for people? unemployment Back to Game
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______ is the idea that democratic means should be used to distribute wealth evenly. (pg. 35) $100
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Socialism is the idea that democratic means should be used to distribute wealth evenly. Back to Game
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A gov. that prints posters encouraging workers to work increase productivity is likely what type of economy?
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Centrally planned Back to Game
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$300 What is hard to achieve in a free market system (pg. 32) : Efficiency, equality, freedom, or growth?
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What is hard to achieve in a free market system: equality Back to Game
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$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)?
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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
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$500 The one good thing about a centrally planned economy is that most people have ____.
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The one good thing about a centrally planned economy is that most people have jobs. Back to Game
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$100 _____ ______ laws make businesses disclose information to the public to make buyers more knowledgeable and safe.
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Public disclosure laws make businesses disclose information to the public to make buyers more knowledgeable and safe. Back to Game
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$200 When an economy is in transition, it means it is moving from a ______ economy to a ________ economy.
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When an economy is in transition, it means it is moving from a centrally planned economy to a free market economy. Back to Game
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$300 What is the difference between a business cycle and day-to-day ups and downs in the market?
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Business cycles are prolonged (long term) Back to Game
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$400 Tell me an example of a public good.
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Library, freeway… Back to Game
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$500 What does Social Security do?
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Provides benefits to the elderly Back to Game
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$100 A ____ ____ is someone who uses a service they don’t pay for (pg. 63).
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A free rider is someone who uses a service they don’t pay for. Back to Game
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$200 Technology makes an economy more _________ (pg. 59)
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Technology makes an economy more efficient. Back to Game
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$300 What rights does the US Constitution give people in relation to business (pg. 52)?
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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
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$400 Why does the government give patents and copyrights (pg. 60)?
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Why does the government give patents and copyrights? To encourage innovation. Back to Game
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$500 Mr. Robinson plays music that you hate in Econ. The music is an example of a _______ externality (pg. 65).
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Mr. Robinson plays music that you hate in Econ. The music is an example of a negative externality. Back to Game
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