Jeopardy PowerPoint Game - Economic Concepts

1. Usage Guidelines for Jeopardy PowerPoint Game Game Setup • Right now, Click File > Save As, and save this template with a different file name. This will keep the template untouched, so you can use it next time! • Scroll through the presentation and enter the answers (which are really the questions) and the questions (which are really the answers). • Enter in the five category names on the main game board (Slide 4). Game Play • Open 2nd Slide, let the sound play. Click to 3rd Slide, let the sound play. Click to 4th Slide and show students the Game Board • As you play the game, click on the YELLOW DOLLAR AMOUNT that the contestant calls, not the surrounding box. • When the student answers, click anywhere on the screen to see the correct answer. Keep track of which questions have already been picked by printing out the game board screen (Slide 4) and checking off as you go. • Click on the “House / Home Icon” box to return to the main scoreboard. • Final Jeopardy – Go to Slide 3 and click “Final Jeopardy” button in the bottom right corner, click again for the Question, click again for final jeopardy sound, When that is finished playing click again for the answer slide.

3. ??? ??? ??? ??? ??? 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 Final

4. Basic Economic Concepts Economic Systems Circular Flow Production Possibilities Curves Specialization And Trade 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

5. For economists, the word "utility" means:

6. What is pleasure or satisfactionC

7. Which of the following is associated with macroeconomics?  An examination of the incomes of Harvard Business School graduates. An empirical investigation of the general price level and unemployment rates since 1990. C. A study of the trend of pecan prices since the Second World War. D. A case study of pricing and production in the textbook industry.

8. What is a An empirical investigation of the general price level and unemployment rates since 1990. B

9. The assertion that "there is no free lunch" means that:  • there are always trade-offs between • economic goals. • all production involves the use of scarce • resources and thus the sacrifice of • alternative goods. • marginal analysis is used in economic • reasoning. • choices need not be made if behavior is • rational.

10. all production involves the use of scarce resources and thus the sacrifice of alternative goods.

11. Alex sees that his neighbors' lawns all need mowing. He offers to provide the service in exchange for a wage of $20 per hour. Some neighbors accept Alex's offer and others refuse. Economists would describe Alex's behavior as: a. rational self-interest because he is attempting to increase his own income by identifying and satisfying someone else's wants. b. greedy because he is asking for a high wage that some of his neighbors can't afford to pay. c. selfish because he is asking for a wage that is higher than others might charge. d. Irrational because some neighbors refused his offer.

12. A. rational self-interest because he is attempting to increase his own income by identifying and satisfying someone else's wants.

13. Every society has the fundamental problem of scarcity. (A) What is scarcity? (B) What three questions must every society answer because of scarcity? (C) What are the three ways societies have dealt with the scarcity problem? (D) Give one example of how each way is used in the United States.

15. Examples of command economies are:  A. the United States and Japan. Sweden and Norway. C. Mexico and Brazil. D. Cuba and North Korea.

16. What is Cuba and North Korea.D

17. The term "laissez-faire" suggests that:  a. land and other natural resources should be privately owned, but capital should be publicly owned. b. land and other natural resources should be publicly owned, but capital should be privately owned. c. government should not interfere with the operation of the economy. d. government action is absolutely necessary if the economy is to achieve full employment and full production.

18. Government should not interfere with the operation of the economy. C

19. A fundamental difference between the command system and laissez-faire capitalism is that, in command systems: A. the division of output is decided by central planning rather than by individuals operating freely through markets. B. all economic decisions are made by the government, whereas there is no government in laissez-faire capitalism. C. scarcity does not exist, whereas it does in laissez-faire capitalism. D. money is not used, whereas it is in laissez-faire capitalism. DAILY DOUBLE

20. The division of output is decided by central planning rather than by individuals operating freely through markets. A

21. Question 2-3

22. From society's point of view, the economic function of profits and losses is to: A. promote the equal distribution of real assets and wealth. B. achieve full employment and price level stability. C. contribute to a more equal distribution of income. D. reallocate resources from less desired to more desired uses.

23. reallocate resources from less desired to more desired uses. D

24. Answer the question using the following data, which show all available techniques for producing 20 units of a particular commodity: Show your work! Refer to the data. Assuming that the firm is motivated by self-interest and that the 20 units that can be produced with each technique can be sold for $2 per unit, the firm will: A. realize an economic profit of $10. B. realize an economic profit of $4. C. not earn any economic profit. D. shut down rather than incur a loss by producing.

25. realize an economic profit of $10.A

26. The simple circular flow model shows that: A. households are on the buying side of both product and resource markets. B. businesses are on the selling side of both product and resource markets. C. households are on the selling side of the resource market and on the buying side of the product market. D. businesses are on the buying side of the product market and on the selling side of the resource market.

27. households are on the selling side of the resource market and on the buying side of the product market. C

28. In the resource market: A. businesses borrow financial capital from households. B. businesses sell services to households. C. households sell resources to businesses. D. firms sell raw materials to households.

29. Households sell resources to businesses. C

30. Refer to the diagram. Flow 2 represents: A. wage, rent, interest, and profit income. B. land, labor, capital, and entrepreneurial ability. C. goods and services. D. consumer expenditures.

31. B. land, labor, capital, and entrepreneurial ability.

32. Refer to the diagram. Flow 4 represents: A. wage, rent, interest, and profit income. B. land, labor, capital, and entrepreneurial ability. C. goods and services. D. consumer expenditures.

33. D. consumer expenditures.

34. Identify each number in the circular flow model. (Hint: Pay attention to arrows) 3. 1. 2. 4. 7. 6. 8. 5.

35. 1. Revenue2. Goods and Services3. Consumer Spending4. Goods and Services5. Costs of production6. Resources7. Factors of Production8. Wages, rent, interest, profit

36. Which of the following will not produce an outward shift of the production possibilities curve? A. An upgrading of the quality of a nation's human resources. B. The reduction of unemployment. C. An increase in the quantity of a society's labor force. D. The improvement of a society's technological knowledge.

37. B. The reduction of unemployment.

38. A production possibilities curve illustrates: A. scarcity. B. market prices. C. consumer preferences. D. the distribution of income.

39. A. scarcity.

40. Answer the question on the basis of the data given in the following production possibilities table: Refer to the table. As compared to production alternative D, the choice of alternative C would: A. tend to generate a more rapid growth rate. B. be unattainable. C. entail unemployment. D. tend to generate a slower growth rate.

41. A. tend to generate a more rapid growth rate.

42. Answer the question on the basis of the data given in the following production possibilities table: Refer to the table. For this economy to produce a total output of 3 units of capital goods and 13 units of consumer goods, it must: A. achieve economic growth. B. use its resources more efficiently than the data in the table now indicate. C. allocate its available resources most efficiently among alternative uses. D. achieve the full employment of available resources.

43. A. achieve economic growth.

44. Refer to the diagram. Other things equal, this economy will achieve the most rapid rate of growth if: A. the ratio of capital to consumer goods is minimized. B. it chooses point C. C. it chooses point B. D. it chooses point A.

45. D. it chooses point A.

46. First team to stand up and form a human wall gets 100 points.

48. The primary gain from international trade is: A. increased employment in the domestic export sector. B. more goods than would be attainable through domestic production alone. C. tariff revenue. D. increased employment in the domestic import sector.

49. B. more goods than would be attainable through domestic production alone.

50. Refer to the tables. If these two nations specialize on the basis of comparative advantage: A. Trombonia will produce beans and Latalia will produce pork. B. Trombonia will produce both beans and pork. C. Latalia will produce both beans and pork and Trombonia will produce neither. D. Latalia will produce beans and Trombonia will produce pork. Answer the question on the basis of the following production possibilities tables for two countries, Latalia and Trombonia: