Transcript Econ Quizzo Part 1

Econ Quizzo
SS 8
December 15, 2014
Round 1
1.
2.
3.
4.
5.
In this economy, the economic questions are
answered by trading.
In this economy, the government answers the
economic questions.
What are the 4 parts of demand?
Patrick wants to buy a gift for his girlfriend
Lady Gaga. He can buy a Tiffany diamond
necklace for her or a Panera sandwich. What
is his opportunity cost if he buys the
sandwich?
A PS4 would be an example of a ____ good.
Answers – Round 1
1.
2.
3.
4.
5.
Traditional
Command
Amount, Willing to Buy, Able to Buy, Price
Not buying the Tiffany necklace
Private
Round 2
1.
2.
3.
4.
5.
In this economy, business owners make all of the
decisions.
Company A is offering $75 for every $36 invested.
Company B is offering $114 for every $57 invested.
Company C is offering $1,000 for every $675
invested. Which company should I go with?
A firehouse is an example of what type of good.
When a business makes more money than it spends,
this is a result.
In this system, a company has permission
from the “parent company” to sell a certain
good or service in a particular area for a sum
of money.
Answers – Round 2
1.
2.
3.
4.
5.
Market
Company A
Public
Surplus
Franchise
Calculate GDP – Round 3
Country A
40,000 @
$218 each
1,189 @
$187each
10,746 @
$42 each
40,948
Country B
98,420 @
$189 each
15,054 @
$97 each
167,147 @
$56 each
162,072
Country C
44,805 @
$107 each
7,483 @
$148 each
42,809 @
$51 each
90,711
Country D
168,112 @
$120 each
7, 010 @
$97 each
55,565 @
$75 each
2,000,047
Country E
50 @
$112 each
23, 281 @
$101 each
217, 594 @
$37 each
Country F
18,000 @
$110 each
15,704 @
$89 each
157,153 @
$48 each
338,917
Country G
25,000 @
$168 each
17,798 @
$109 each
108,647 @
$20 each
980,742
Country H
100 @
$75 each
20,748 @
$112 each
200,700 @
$35 each
1,328,000
Country I
5,187 @
$45 each
7,021 @
$104 each
4,198 @
$90 each
56,923
Country J
2,789 @
$67 each
9,156 @
$84 each
2,345 @
$12 each
93,428
128,614
Round 3
1.
2.
3.
4.
5.
Which country had the highest GDP?
Which country had the lowest GDP per capita?
Which country had the lowest GDP?
Which country had the highest GDP per
capita?
In which type of business is it easier to get
money (ex. a loan) from the bank?
Answers – Round 3
1.
2.
3.
4.
5.
B
H
J
A
Corporation
Round 4
1.
2.
3.
4.
5.
Only ______ goods are counted towards GDP.
In this business system, I have no liability as
a business owner/leader.
What are the 3 types of resources?
These are costs that NEVER change for a
business.
Legal responsibility for something such as an
action or a debt. What is this?
Answers – Round 4
1.
2.
3.
4.
5.
Final
Corporation
Natural, Labor, Capital
Fixed
Liability
1.
2.
Round 5
An item that is consumed by 1 person is defined as…
What could go at letter A on the chart?
A
3.
4.
“We have unlimited wants but there is a limit of resources
available to meet these wants.” Which term best describes
the main idea of this sentence?
Miles Allen runs a store that sells Barack Obama bobble
head dolls. It cost him $1.78 to make each one and he
sells them for $5.25. What is his revenue and his profit?
Answers – Round 5
1.
2.
3.
4.
Private Good
Money
Economics
$5.25/$3.47
Round 6
1.
2.
3.
4.
5.
At what hour would the
store lose money?
What does MR mean?
At what hour does the
store reach
equilibrium?
Only ______ goods are
counted towards GDP.
The rise and fall of
businesses is called
_______________ by
economist.
Answers – Round 6
1.
2.
3.
4.
5.
6
Marginal Revenue
5
Final
Business Cycle
Round 7
1.
2.
3.
4.
5.
The government will do this when there is an
unsafe product on the market.
Legal responsibility for something such as an
action or a debt. What is this?
Laissez-faire means what in economics?
Define equilibrium price.
I bought a cupcake for .36 and sold it for
$1.59. What is my profit?
Round 7 Answers
1.
2.
3.
4.
5.
Recall
Liability
Hands-off from government
When there is neither a profit or a loss of
money
$1.23