Jeopardy

JeopardyFundamentals MICRO MACRO Int’l Trade Per. Finance

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Q $500

Q $100 Q $100Q $100 Q $100

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Q $300 Q $300 Q $300 Q $300

Q $400 Q $400 Q $400 Q $400

Q $500 Q $500 Q $500 Q $500

Final Jeopardy

$100 Question from Fundamentals

Work that is performed on or for someone is called a ___________.a. Serviceb. Goodc. Product

$100 Answer from Fundamentals

a. Service


Microeconomics deals with the economy of ______ units such as individuals.a. Smallb. Largec. Fewd. A lot


a. Small


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.


c. factors of production.


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?


d. How should it be ensured that goods and services are paid for?


How would an economist explain the decision to buy pizza?

a. it costs very littleb. the benefits of the pizza are greatc. the cost of the pizza exceed the benefitsd. the benefits of the pizza exceed the costs


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 Proprietorshipb. Corporationc. Partnershipd. Dictatorship

$100 Answer from Micro

a. Sole Proprietorship

$200 Question from MicroIf 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.


b. Increase and shift to the right.

$300 Question from MicroA 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.


d. some firms leaving an industry.

$400 Question from MicroWhat determines the price and the quantity produced of most goods?

a. the interaction of supply and demandb. the availability of substitutes for the goodsc. the quality of the goods that are produced


a. the interaction of supply and demand

$500 Question from MicroWhich 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.


b. He moves from a desert community to a rainy city by the ocean.

$100 Question from MacroThe lowest point in an economic contraction is calleda. peak.b. recession.c. trough.d. expansion.

$100 Answer from Macro

c. trough.

$200 Question from Macro

True or FalseMacroeconomics deals with the economy of the whole country.


True


An example of expansionary fiscal policy would bea. cutting taxes.b. cutting government spending.c. cutting production of consumer goods.d. cutting prices of consumer goods.


a. cutting taxes.

$400 Question from MacroWhich of the following is most likely to be worried about high inflation?

a. a factory workerb. a doctor with a suburban practicec. a shopkeeperd. a retired couple on a fixed income


d. a retired couple on a fixed income


What is the formula used to calculate GDP? (Please give economic terms, NOT just letters)


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 policyb.Monetary policyc.Barter systemd.Exchange rate


a. Exchange rate

$300 Question from Int'l TradeWhen a nation imports more than it exports, economists say it has which of the following?a. a trade surplusb. a trade deficitc. a balance of traded. a national difference


b. a trade deficit

$400 Question from Int'l TradeWhen 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.


there is a budget surplus.

$500 Question from Int'l TradeAn 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 GDPb. aggregate demand will decrease, lowering both real GDP and the price levelc. both aggregate demand and aggregate supply will decrease, leading to lower real GDP


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.Bondsb.Entreprenuerc.Stocksd.credit

$100 Answer from Personal Finance

c. Stocks


Both millionaires and poor people pay a 6% sales tax when they go shopping. This is a __________ tax.

a. Regressiveb. Progressivec. Transitionald. proportional


a. Regressive


Federal income tax is an example of a __________ tax.a.Progressiveb. Proportionalc. Regressive


a. progressive


True or False:Compound interest is interest charged not only on the original amount you borrowed, but on the existing amount you owe


True


Which of the following has the highest RISK of investment.

a. Certificate of Deposit (CDs)b. Savings Bondc. Mutual Fundd. Stocks


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

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