Transcript Academic Raceway 500

Econ Final
Academic Raceway 500
The Econ Final 500
Kirby-CHS
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):
1
R
2
9
3
4
10
11
5
12
6
13
8
7
14
15
Round Two (circle a car for each correct question answered-Two points each:
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.
QUALIFYING LAP
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Qualifying Lap
1. All the things in nature that can be used to
produce goods & services are called:
a. Capital Resources
b. Natural Resources
Pick the right pit stop to win the race.
You’ve Crashed!
Click here to go back to the correct Pit Stop
and have your car repaired.
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
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You’ve Crashed
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and have your car repaired.
3. Which of the following is NOT one of the basic
economic questions?
a. Where shall goods be produced
b. For whom shall goods be produced
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You’ve Crashed!
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and have your car repaired.
4. Opportunity cost is defined by economists as
a. What is given up when a choice is made
b. The price of goods and services
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You’ve Crashed!
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and have your car repaired.
5. When Price Goes up, supply goes:
a. Up
b. Down
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You’ve Crashed!
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and have your car repaired.
Congratulations! You’ve Qualified!
Click here to go to your first race.
Atlanta Motor Speedway
Click on the key to start
Atlanta Motor Speedway
6. The “R” in R-A-T-N-E-S-T stands for
a. Related Goods
b. Resource Cost
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You’ve Crashed!
Click here to go back to the correct Pit Stop
and have your car repaired.
7. When the price of hot dogs goes up the:
a. QD of hot dog buns goes up
b. The D for hot dog buns goes down
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You’ve Crashed
Click here to go back to the correct Pit Stop
and have your car repaired.
8. Jeans, toothpaste and batteries are examples
of this type of market structure:
a. Perfect Competition
b. Monopolistic Competition
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You’ve Crashed!
Click here to go back to the correct Pit Stop
and have your car repaired.
9. According to the "law of diminishing marginal utility“:
a. The last item consumed is less satisfying than the
previous one.
b. As the price goes up; you will be less satisfied
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You’ve Crashed!
Click here to go back to the correct Pit Stop
and have your car repaired.
10. A new football league would move the supply
curve(more football games) to the:
a. Left
b. Right
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You’ve Crashed!
Click here to go back to the correct Pit Stop
and have your car repaired.
Congratulations! You’ve Completed the First Race!
Click here to go to your next race to win the
Academic Cup.
INDIANAPOLIS 500
Click on the key to start
Indianapolis 500
11. The supply curve would shift to the right if:
a. The technology of production improved
b. Resources used in production became more costly
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You’ve Crashed!
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and have your car repaired.
12. An increase in the tastes & preferences for
Snickers will:
a. Increase demand, increase price, increase quantity
b. Increase demand, decrease price, increase
quantity
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You’ve Crashed
Click here to go back to the correct Pit Stop
and have your car repaired.
13. A certificate of ownership in a corporation is
called:
a. Bond
b. Stock
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You’ve Crashed!
Click here to go back to the correct Pit Stop
and have your car repaired.
14. Which market structure has the least control
over prices?
a. Perfect Competition
b. Pure Monopoly
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You’ve Crashed!
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and have your car repaired.
15. Managing the economy by decreasing
government spending & increasing taxes
("G"&"T") is an example of:
a. Fiscal Policy
b. Monetary Policy
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On to the Final Race: The Econ 500
Econ Final 500
Click on the key to start
Qualifying Lap
Pick the right pit stop to win the race.
Econ Final 500
Points are Doubled! “Pit Crew” scores only
Return
16. The federal government uses
fiscal & monetary policy to:
a. Control imports and exports
b. Regulate the economy
Econ Final 500
Points are Doubled! “Pit Crew” scores only
Return
16. The federal government uses fiscal
& monetary policy to:
ANSWER: b. Regulate the economy
Econ Final 500
Points are Doubled! “Pit Crew” scores only
Return
17. Banks create money when
they:
a. Charge interest on loans
b. Give loans to people
Econ Final 500
Points are Doubled! “Pit Crew” scores only
Return
17. Banks create money when
they:
Answer: b. Give loans to people
Econ Final 500
Points are Doubled! “Pit Crew” scores only
Return
18. To stimulate the economy during a
recession, the Fed would likely adopt a(an):
a. A “Tight Money” Policy
b. An “Easy Money” Policy
Econ Final 500
Points are Doubled! “Pit Crew” scores only
Return
18. To stimulate the economy during a
recession, the Fed would likely adopt a(an):
Answer: b. An “Easy Money” Policy
Econ Final 500
Points are Doubled! “Pit Crew” scores only
Return
19. Inflation that results from an increase
in labor cost is called:
a. Cost-Push Theory
b. Demand-Pull Theory
Econ Final 500
Points are Doubled! “Pit Crew” scores only
Return
19. Inflation that results from an increase
in labor cost is called:
Answer: a. Cost-Push Theory
Econ Final 500
Points are Doubled! “Pit Crew” scores only
Return
20. A market basket of 364 items that consumers
buy that economists use to track inflation is:
a. CPI
b. GDP
Econ Final 500
Points are Doubled! “Pit Crew” scores only
Return
20. A market basket of 364 items that consumers
buy that economists use to track inflation is:
Answer: a.
CPI
Photo Finish Tie Breaker
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Photo Finish Round: 5 points
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CARS
Total Your Scores Now
THE WINNER’S CIRCLE
Congratulations! You’ve Won
the Trophy!