Transcript Economics FINALS Jeopardy

Economics FINALS
Jeopardy
The examination of the behavior of
entire economies:
A) Economics
B) Microeconomics
C) Macroeconomics
D) Economist
Macroeconomics
A good or service that is
necessary for survival:
need
Comic books, video games,
and jewelry are NOT
necessities and are
examples of:
wants
The study of the choices
that people make to satisfy
their needs and wants is
called:
Economics
We must make economic
choices because resources
are __________.
Limited or Scarce
The impulse that
encourages people to fulfill
their needs and wants:
Self-Interest
An action or activity done
for others for a fee:
Service
The value of the next best
alternative given up to
obtain an item:
Opportunity
Cost
_________ is the study of
economic actors such as
households, companies,
and individual markets.
Microeconomics
Someone who studies
economics is called an
______________.
Economist
A phrase expressing the idea
that a country that decides to
produce more military goods has
fewer resources to produce
consumer goods:
“guns and butter”
The concentration of the
productive efforts of
individuals and businesses
on a limited number of
activities:
Specialization
An economic system in
which government planners
answers the three basic
economic questions:
Command Economy
The struggle among
producers for the dollars of
consumers:
Competition
An economic system that
relies on habit, custom, or
ritual to decide the three
key economic questions.
Traditional
Economy
The doctrine that
government generally
should not intervene in the
marketplace:
Laissez Faire
This man coined the
‘invisible hand’ to describe
self-regulating nature of the
marketplace:
Adam Smith
A market-based economic
system in which the government
is involved to some extent:
A) Traditional Economy
B) Command Economy
C) Market Economy
D) Mixed Economy
D) Mixed Economy
The concerns of a
society as a whole:
A) Public Disclosure Laws
B) Gross Domestic Product
C) Eminent Domain
D) Public Interest
D) Public
Interest
The right of a government
to take private property
for public use:
A) Public Disclosure Laws
B) Gross Domestic Product
C) Eminent Domain
D) Public Interest
C) Eminent Domain
The principle that anyone
can compete in the
marketplace:
A) Profit Motive
B) Free Contract
C) Legal Equality
D) Open Opportunity
D) Open
Opportunity
Something which benefits a good
or service when they don’t
purchase an item:
A) Positive Externality
B) Negative Externality
C) Public Good
D) Average Externality
A) Positive Externality
A shared good or service for which it
would be inefficient or impractical to
make consumers pay individually and to
exclude those who did not pay:
A) Average Externality
B) Negative Externality
C) Public Good
D) Positive Externality
C) Public Good
A license that gives the
inventor of a new product the
exclusive right to sell it for a
specific period of time:
Patents
The information from a
demand schedule plotted
on a graph:
Demand
Curve
If a product is a necessity, it
will tend to have_________
demand.
Inelastic
True/False:
Complementary goods are
goods that are bought in
the expectation of having
more income.
False
Complementary goods are
goods that are commonly used
with other goods, such as paint
brushes and paint.
The picture is a
classic example
of what factor
with the law of
demand:
Substitution Effect
The quantity of goods
and services that
producers offer at
various possible prices
during given time period:
Supply
Rent, interest on loans, property
insurance premiums, local and
state property taxes, and
salaries:
A) Variable Cost
B) Total cost
C) Marginal Cost
D) Fixed Cost
D) Fixed Cost
Production costs that changes as
the level of output changes:
A) Variable Cost
B) Total cost
C) Marginal Cost
D) Fixed Cost
A) Variable Cost
This is an
example of
what--- when
the red line
and blue line
intersect:
(Market) Equilibrium
A minimum price for a good or
service:
Price Floor
A product that is popular for a
short period of time:
Fad
A system of allocating scarce
goods and services using criteria
other than price:
Rationing
Two to Five businesses
dominating the
marketplace is known as
a (an) _______.
Oligopoly
Laws that encourage
competition in the
marketplace:
Antitrust
Laws
The effort by sellers to
secretly set production
levels or prices is called:
Collusion
What does GDP stand
for:
Gross Domestic Product
What is the difference
between ‘Durable’ goods
and ‘Non-Durable’
goods:
Durable Goods—are
purchases which last a
while (computer or
refrigerator) while….
Non-Durable—are
purchases that do not last a
long time (food or
cosmetics)
What is the final stage in
the business cycle
where it reaches the
lowest point:
Trough
When the business cycle
is rising or growing, it is
in what type of a ‘phase’:
Expansion Phase
What is the term when a
period of the business
cycle in slowing down and
going downward:
A) Peak
B) Trough
C) Contraction
D) Expansion
C.
Contraction
True or False
The business cycle
typically fluctuates (goes
up and down)-- in a
market system:
True
Changes in economic activity that
occur in the market system,
measured in terms of increases or
decreases in the GDP:
A) Nominal GDP
B) Real GDP
C) Portfolio
D) Business Cycle
D. Business Cycle
This reduces the real
purchasing power of the
dollar:
Inflation
This is a type of
unemployment is where
it is most harmful to an
economy:
Cyclical Unemployment
This is a type of
unemployment where
workers don’t work
because of weather
patterns during a
calendar year:
Seasonal
Unemployment
The lowest income as
determined by the
government that a family
needs to maintain a
basic standard of living:
Poverty Threshold
This is a type of
unemployment where
you need to keep up
with technology:
Structural
Unemployment
This is a type of
unemployment where
people retire or simply
shift from job to job:
Frictional Unemployment
This boosts the real
purchasing power of the
dollar:
A) inflation
B) deflation
C) hyperinflation
D) inflation rate
B)
Deflation
Economists considered
the unemployment rate
of about 5 percent to
represent
____ _________.
Full Employment
When inflation is at its
worst degree which
could lead to an
economic collapse, this
is called:
Hyperinflation
Required payment to either a
local, state or national
government:
Tax
Tax based on real estate and other
property:
A) Property Tax
B) Gift Tax
C) Tax Credit
D) Tax Deduction
A) Property
Tax
Tax for which the percentage of
income paid in taxes increases as
income increases:
A) Regressive Tax
B) Progressive Tax
C) Proportional tax
D) Incidence of a Tax
B) Progressive Tax
Tax for which the percentage of
income paid in taxes decreases as
income increases:
A) Regressive Tax
B) Corporate Income Tax
C) Proportional tax
D) Incidence of a Tax
A) Regressive Tax
British economist in the 1930s
developed new ideas to
Economics.
He believed boosting or increasing
demand when the economy is
down is the government’s role.
John Maynard Keynes
A school of thought that uses
demand-side theory as the basis
for encouraging government action
to help the economy:
A) Supply-side Economics
B) Reaganomics
C) Keynesian Economics
D) A and B
C) Keynesian
Economics
A situation in which
budget expenditures
exceed revenues:
Budget Deficit
A school of thought based on the
idea that the supply of goods drives
the economy--Known as “Reaganomics”:
Supply-Side Economics
The use of government
spending and revenue collection
to influence the economy:
Fiscal
Policy
What is the central bank
of the United States
which was created in
1913:
Federal Reserve System
When money expands in the money
supply, it increases aggregate
demand and promotes economic
growth which is called:
A) Easy-Money Policy
B) Tight-Money Policy
C) Reserve Requirement
D) Moral Suasion
A) Easy-Money Policy
This is characterized by higher
interest rates and a
contraction in the money
supply:
A) Easy-Money Policy
B) Tight-Money Policy
C) Reserve Requirement
D) Moral Suasion
B) Tight-Money Policy
Who is this
guy:
----------(Next question
is the last w/
the FED
Districts)
Benjamin Bernake
1) Boston
2) New York
3) Philadelphia
4) Cleveland
5) Richmond
6) Atlanta
7) Chicago
8) St. Louis
9) Minneapolis
10) Kansas City
11) Dallas
12) San Francisco
This is the last question…………………………..