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Welcome. to. The Invisible Hand Jeopardy . Final Jeopardy. Round 1. Principals of Econ. 1. Adam Smith 3. Origins of Econ. 2. Supply and Demand 4. Yo Mama 6. Price Controls 5. Final Jeopardy. $100. $100. $100. $100. $100. $100. $200. $200. $200. $200. $200. $200. Scores.
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Welcome to The Invisible Hand Jeopardy
FinalJeopardy Round 1
Principals of Econ. 1 Adam Smith 3 Origins of Econ. 2 Supply and Demand 4 Yo Mama 6 Price Controls5 Final Jeopardy $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 Scores $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500
$200 Business firms wish to sell their products at high prices. Households wish to buy products at low prices. In a market economy this conflict of interest is resolved by:
$200 What is competition? Scores
$400 A newspaper reports that the price of gasoline increased and the quantity sold decreased. In a competitive market how would this affect the supply of gasoline?
$400 It would decrease the supply of gasoline? Scores
$500 Why do medical doctors generally earn more than farmers?
$500 Medical doctors are scarcer given the demand for their services. Scores
$100 In a competitive market, the price of a product is $5.00. If the government passes a law that sets a minimum price of the product at $6.00, this change will have what affect on the product?
$100 This price floor will lead to a surplus of the product? Scores
Daily Double
$200 • Which would most likely increase the quantity of gasoline sold in a competitive market? • An increase in the price of crude oil • A decrease in the price of cars • A decrease in the income of consumers • An increase in taxes on gasoline products
$200 What is “b” a decrease in the price of cars? Scores
300 • In a competitive market, the price of shoes is likely to be increased by: • A decrease in the supply of shoes • a decrease in the demand for shoes • More capital investment in shoe factories • New machines reducing the cost of shoe production
300 What is “a’ a decrease in the supply of shoes?
$400 The saying “resources are limited relative to human wants” is another way of saying that resources are ________?
$400 What is scarce? Scores
$500 When economists say, “there is no such thing as a free lunch,” they are referring to the fact that:
$500 What is everything has a cost? Scores
$100 Some people in the U.S. are very wealthy, while some people are very poor. This statement reflects in which the U.S. economy has answered which of the following basic questions: what, how, how much, or for whom to produce?
$100 What is for whom to produce? Scores
$200 True or false statement and why: There is less agreement about which socioeconomic goals are desirable.
$200 True. Socioeconomic goals are based on society’s values that not everyone can agree with nor how the government should go about pursuing them… Scores
$300 True or false, market economies, centrally directed economies, traditional economies all must contend with answering the three basic economic problems (what, how, how much and for whom to produce)
$300 What is true? Scores
$400 An economic system primarily dependent upon the actions of independent buyers and sellers is called a:
$400 What is a market economy, a free enterprise economy or a capitalist economy? Scores
$500 When goods that people want are in short supply, market economies ration the available goods by________. A command economy will ration available goods by __________?
$500 What is adjusting prices and making people wait in line? Scores
$100 The difference between a centrally directed economy and a market economy is in the way that ________decisions are made.
$100 What are economic decisions? Scores
$200 What type of system or mechanism do capitalist economies depend upon for the allocation of resources and finished goods?
$200 What is the price system. Scores
$300 The price system in market economies answer the three basic questions in economic questions. Name them again…
$300 What is for whom to produce, what to produce, and how to produce? Scores
$400 The following conditions must occur in order for whattype of economy to work: (1) people must follow their self interest, (2) people must be motivated to make a profit, and (3) people must be free to buy and sell as choose.
$400 What is a Market Economy? Scores
$500 State why this statement is either true or false about a market economy: “goods and services in short supply are rationed on the equitable basis of first come, first served.”
$500 False. Absent price controls, goods in short supply in a market economy usually go to highest bidder. Scores
$100 True or false, one socioeconomic goal for a nation with a thriving market economy is to create a society with economic freedom for people to choose what they want to buy and sell.
$100 What is True? Scores
$200 Why are butchers motivated to produce hamburgers in a market economy?
$200 What is because butchers can make profits selling hamburgers (and provide for their families). Scores
$300 Through the actions of individual buyers and sellers motivated to do what is best for themselves does this kind of economy answer the three basic questions.
$300 What is a market economy? Scores
$400 The lure of profits determines what gets produced in what kind of economic system. This is not a “trick” question.
$400 What is a market economy? Scores
$500 Why are goods and services produced in a market economy?
$500 Because people want to make profits for themselves (and feed their families)? Scores
