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Economics Fundamentals Quiz

Test your knowledge of key economic concepts including supply, demand, GDP, unemployment, inflation, and more with this interactive quiz.

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Economics Fundamentals Quiz

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  1. Jeopardy! Begin

  2. Key Terms Unemployment/Inflation Supply Demand GDP Misc. $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500

  3. - $100 What is the law of supply? C1-$100 The higher the price for a good or service, all other things being equal, leads suppliers to supply a greater quantity of that good or service

  4. - $200 What kind of relationship is present in the law of supply and why? C1-$200 Positive/direct relationship because at higher prices, profit-seeking firms have an incentive to produce more

  5. - $300 What are the shifters of supply? C1-$300 • Prices/Availability of inputs • Number of Sellers • Technology • Government Action • Opportunity Cost of Alternative Production • Expectations of Future Profit

  6. - $400 What is the difference between a long-run aggregate supply curve and a short-run aggregate supply curve? C1-$400 Wages and prices will increase as price levels increase in a LRAS; wages and princes will not increase as price levels increase in a SRAS

  7. - $500 What are the shifters of aggregate supply? C1-$500 • Resource prices • Actions of the government • Productivity/technology

  8. - $100 What is the law of demand? C2-$100 The higher the price for a good or service, al other things being equal, leads people to demand a smaller quantity of that good or service

  9. - $200 What type of relationship can be found in the law of demand and what does that say about the slope? C2-$200 Inverse relationship; demand curve will slope downward

  10. - $300 What are the shifters of demand? C2-$300 • Tastes and preferences • Number of consumers • Price of related goods • Income • Future Expectations

  11. - $400 What shifts the aggregate demand curve? C2-$400 GDP= C+I+G+X

  12. - $500 What are the determinants of aggregate demand? C2-$500 • Change in consumer spending • Change in investment spending • Change in government spending • Change in net export spending

  13. - $100 How is GDP calculated? C3-$100 C+I+G+X

  14. - $200 How is the percent change in GDP, from year to year, calculated? C3-$200 (Year 2-year 1)/Year 1 x 100

  15. - $300 What is the best measure of a nation’s standard of living? C3-$300 Real GDP per capita

  16. - $400 What is the difference between real GDP and nominal GDP? C3-$400 Real GDP is expressed in constant dollars and nominal GDP is measured in current prices

  17. - $500 Why do some countries have higher GDPs than others? C3-$500 • Availability and quantity of natural resources • Availability of capital • Economic system

  18. - $100 What is unemployment rate? C4-$100 The percent of people in the labor force who want a job but are not working

  19. - $200 Who is in the labor force? C3-200 People above 16 years old, able and willing to work, not institutionalized, not in the military, in school full time, or retired

  20. - $300 What is the main effect of inflation? C3-$300 It reduces the purchasing power of money; each dollar of income will buy fewer goods and services

  21. - $400 What are the three causes of inflation? C3-$400 • The government prints too much money • Demand-pull inflation • Cost-push inflation

  22. - $500 Who is hurt by inflation? Who is helped? C3-$500 Hurt- lenders, people with a fixed income, savers Helped- debtors, a business where the price of the product increases faster than the price of resources

  23. - $100 What is consumer price index (CPI)? C4-$100 Most commonly used measurement of inflation for consumers

  24. - $200 What does the business cycle show? C4-$200 How the national economy fluctuates resulting in periods of boom and bust

  25. - $300 What is the government’s role in the economy? C4-$300 Prevent unemployment and prevent inflation at the same time

  26. - $400 What is the Invisible Hand? C4-$400 Society’s goals will be met as individuals seek their own self-interest

  27. - $500 All decisions involve trade-offs. What are trade-offs? C4-$500 Alternatives that we give up whenever we choose one course of action over others

  28. - $100 Define opportunity cost. C4-$100 The real cost of an item, what you must give up in order to get it

  29. - $200 What are the factors of production? C4-$200 Land, labor, capital, entrepreneurship

  30. - $300 Define automatic stabilizer. C4-$300 Government spending and taxation rules that cause a fiscal policy to be automatically expansionary when the economy contracts and automatically contractionary when the economy expands, without requiring any deliberate action by policy makers

  31. - $400 What is scarcity? C4-$400 Resources are not unlimited and are not available in sufficient quantities to satisfy all the various ways a society wants to use them

  32. - $500 What is gross domestic product (GDP)? C4-$500 The total value of all final goods and services produced in the economy during a given year

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