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Jeopardy Economics In General Types of Economies and the Impact Government has on them Supply (and Price) DemandLabor 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 Economies in General What is the study of how people satisfy unlimited wants with limited resources?
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$100 Answer from Economies in General Economics!
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$200 Question from Economies in General What’s a corporation’s promise to repay money at a later date called?
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$200 Answer from Economies in General A bond!
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$300 Question from Economies in General When there is a high rate of inflation, what happens to interest rates?
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$300 Answer from Economies in General They rise!
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$400 Question from Economies in General What is the “quality of life” in a country otherwise known as?
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$400 Answer from Economies in General Standard of Living
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$500 Question from Economies in General What are funds left over when a company’s business expenses have been subtracted from its sales?
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$500 Answer from Economies in General Profit/Net Income
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$100 Question from Types of Economies and the Impact Government has on them What government agency goes after complaints against local businesses?
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$100 Answer from Types of Economies and the Impact Government has on them Better Business Bureau
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$200 Question from Types of Economies and the Impact Government has on them What does laisez faire mean?
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$200 Answer from Types of Economies and the Impact Government has on them Government should keep their hands off business affairs!
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$300 Question from Types of Economies and the Impact Government has on them What type of economy are basic economic decisions based on ritual or custom?
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$300 Answer from Types of Economies and the Impact Government has on them Traditional!
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$400 Question from Types of Economies and the Impact Government has on them Taxes on alcohol and cigarettes are what type of taxes?
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$400 Answer from Types of Economies and the Impact Government has on them Sin Taxes!
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$500 Question from Types of Economies and the Impact Government has on them What does VAT mean?
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$500 Answer from Types of Economies and the Impact Government has on them Value Added Tax (a controversial idea of putting a tax on every stage of production)
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$100 Question from Supply (and Price) The law of supply states that suppliers want items sold at higher or lower prices?
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$100 Answer from Supply (and Price) Higher
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$200 Question from Supply (and Price) What type of cost of running a business never changes?
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$200 Answer from Supply (and Price) Fixed Cost
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$300 Question from Supply (and Price) A surplus of goods shows that the price is too high or too low?
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$300 Answer from Supply (and Price) Too High!
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$400 Question from Supply (and Price) How does a competitive market establish prices?
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$400 Answer from Supply (and Price) By letting the prices adjust themselves!
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$500 Question from Supply (and Price) What determines supply elasticity?
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$500 Answer from Supply (and Price) How quick the business responds to it!
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$100 Question from Demand When new products are introduced, what happens to the demand for old products?
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$100 Answer from Demand It decreases!
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$200 Question from Demand Which way does a demand curve go?
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$200 Answer from Demand (Top Left to Bottom Right)
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$300 Question from Demand What is it called when there is no change in demand despite a change in price?
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$300 Answer from Demand Unit Elastic
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$400 Question from Demand When you don’t want to but another tube of Toothpaste at the grocery store (despite it being on sale) because you only need one tube at a time, what’s this called?
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$400 Answer from Demand Diminishing Marginal Utility
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$500 Question from Demand What type of effect occurs in the following situation: you buy a hot dog only because the price of pizza went up?
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$500 Answer from Demand Substitution!
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$100 Question from Labor Besides labor – what are the other factors of production?
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$100 Answer from Labor Entrepreneur, Capital and Land
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$200 Question from Labor What is it called when a court orders workers not to strike?
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$200 Answer from Labor An injunction
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$300 Question from Labor What 2 groups did not join the unions because they were willing to accept the lower wages?
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$300 Answer from Labor Women and Teenagers!
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$400 Question from Labor Anti-trust legislation was passed by the government not to break up unions but what instead?
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$400 Answer from Labor Monopolies!
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$500 Question from Labor What is it called when union leaders and labor leaders make agreements to settle their differences together?
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$500 Answer from Labor Collective Bargaining
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Final Jeopardy Question What are the 4 key elements to the study of economics?
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Final Jeopardy Answer Description Analysis Explanation Prediction
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