Transcript Jeopardy

Jeopardy
MICRO
MACRO
Int’l Trade
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Q $200
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Q $300
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Q $400
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Q $500
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Q $500
Fundamentals
Per. Finance
Final Jeopardy
$100 Question from
Fundamentals
Work that is performed on or for
someone is called a ___________.
a. Service
b. Good
c. Product
$100 Answer from Fundamentals
a. Service
$200 Question from
Fundamentals
Microeconomics deals with the
economy of ______ units such as
individuals.
a. Small
b. Large
c. Few
d. A lot
$200 Answer from Fundamentals
a. Small
$300 Question from
Fundamentals
The resources used to make all
goods and services are the (Hint:
C-E-L-L)
a. production possibilities.
b. production trade-offs.
c. factors of production.
d. opportunity costs.
$300 Answer from Fundamentals
c. factors of production.
$400 Question from
Fundamentals
Which of the following is NOT a basic
economic question?
a. What goods and services should be produced?
b. How should these goods and services be
produced?
c. Who consumes these goods and services?
d. How should it be ensured that goods and
services are paid for?
$400 Answer from Fundamentals
d. How should it be ensured
that goods and services are
paid for?
$500 Question from
Fundamentals
How would an economist explain
the decision to buy pizza?
a. it costs very little
b. the benefits of the pizza are great
c. the cost of the pizza exceed the
benefits
d. the benefits of the pizza exceed
the costs
$500 Answer from Fundamentals
d. the benefits of the pizza exceed the
costs
$100 Question from Micro
A business owned and run by one person
is called a(n) ________.
a. Sole Proprietorship
b. Corporation
c. Partnership
d. Dictatorship
$100 Answer from Micro
a. Sole Proprietorship
$200 Question from Micro
If the price of Pepsi increases, the
DEMAND curve for a close-substitute
like Coca-Cola will:
a. Decrease and shift to the left.
b. Increase and shift to the right.
c. Remain unchanged.
$200 Answer from Micro
b. Increase and shift to the right.
$300 Question from Micro
A leftward shift of a product SUPPLY
curve might be caused by:
a. an improvement in the technique of
production (technology)
b. a decline in the prices of needed
inputs.
c. an increase in consumer incomes.
d. some firms leaving an industry.
$300 Answer from Micro
d. some firms leaving an industry.
$400 Question from Micro
What determines the price and the
quantity produced of most goods?
a. the interaction of supply and
demand
b. the availability of substitutes for the
goods
c. the quality of the goods that are
produced
$400 Answer from Micro
a. the interaction of supply and demand
$500 Question from Micro
Which of these events could permanently shift an
individual’s DEMAND curve for umbrellas to the right?
a. He buys a car so he no longer needs to walk to and
wait at a bus stop every morning to get to work.
b. He moves from a desert community to a rainy city by
the ocean.
c. The price of umbrellas decreases significantly as
inexpensive umbrellas are imported from China.
d. Weather forecasters predict that a major hurricane will
hit his city the following week.
$500 Answer from Micro
b. He moves from a desert
community to a rainy city by
the ocean.
$100 Question from Macro
The lowest point in an economic
contraction is called
a. peak.
b. recession.
c. trough.
d. expansion.
$100 Answer from Macro
c. trough.
$200 Question from Macro
True or False
Macroeconomics deals with the
economy of the whole country.
$200 Answer from Macro
True
$300 Question from Macro
An example of expansionary fiscal policy
would be
a. cutting taxes.
b. cutting government spending.
c. cutting production of consumer goods.
d. cutting prices of consumer goods.
$300 Answer from Macro
a. cutting taxes.
$400 Question from Macro
Which of the following is most likely to be
worried about high inflation?
a. a factory worker
b. a doctor with a suburban practice
c. a shopkeeper
d. a retired couple on a fixed income
$400 Answer from Macro
d. a retired couple on a fixed income
$500 Question from Macro
What is the formula used to calculate
GDP? (Please give economic terms, NOT
just letters)
$500 Answer from Macro
Consumption
+ Gov’t Spending
+ Investments
+ Net Exports (ex-im)
$100 Question from Int'l Trade
A tax on imported goods.
$100 Answer from Int'l Trade
Tariff
$200 Question from Int'l Trade
The value of one nation’s currency in terms
of another country’s currency.
a. Fiscal policy
b. Monetary policy
c. Barter system
d. Exchange rate
$200 Answer from Int'l Trade
a. Exchange rate
$300 Question from Int'l Trade
When a nation imports more than it
exports, economists say it has which of
the following?
a. a trade surplus
b. a trade deficit
c. a balance of trade
d. a national difference
$300 Answer from Int'l Trade
b. a trade deficit
$400 Question from Int'l Trade
When revenues exceed expenditures
(spending),
a. there is a budget surplus.
b. there is a budget deficit.
c. the government must create more
money.
d. the government is forced to issue
more bonds to raise money.
$400 Answer from Int'l Trade
there is a budget surplus.
$500 Question from Int'l Trade
An international crisis has caused consumers to save their
money and stop making big purchases. What is the effect on
aggregate demand and aggregate supply?
a. aggregate supply will decrease, raising the price level and
lowering real GDP
b. aggregate demand will decrease, lowering both real GDP and
the price level
c. both aggregate demand and aggregate supply will decrease,
leading to lower real GDP
$500 Answer from Int'l Trade
c. both aggregate demand and
aggregate supply will decrease,
leading to lower real GDP
$100 Question from Personal
Finance
Part ownership in a corporation.
a. Bonds
b. Entreprenuer
c. Stocks
d. credit
$100 Answer from Personal
Finance
c. Stocks
$200 Question from Personal
Finance
Both millionaires and poor people pay a
6% sales tax when they go shopping.
This is a __________ tax.
a.
b.
c.
d.
Regressive
Progressive
Transitional
proportional
$200 Answer from Personal
Finance
a. Regressive
$300 Question from Personal
Finance
Federal income tax is an example
of a __________ tax.
a. Progressive
b. Proportional
c. Regressive
$300 Answer from Personal
Finance
a. progressive
$400 Question from Personal
Finance
True or False:
Compound interest is interest
charged not only on the original
amount you borrowed, but on the
existing amount you owe
$400 Answer from Personal
Finance
True
$500 Question from Personal
Finance
Which of the following has the
highest RISK of investment.
a. Certificate of Deposit (CDs)
b. Savings Bond
c. Mutual Fund
d. Stocks
$500 Answer from Personal
Finance
d. Stocks
Final Jeopardy
The two tools that the U.S.
government uses to regulate the
economy?
Final Jeopardy Answer
What is Fiscal and
Monetary Policy?
Created by: M. Phinizy