JeopardyResources & Misc.

6 Steps & Choices

Economic Systems

Supply and Demand Measurements

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Final Jeopardy

$100 Question from ResourcesTeachers, farmers, and pizza delivery men are: a- Natural resourcesb- Capital resourcesc- Entrepreneurial resourcesd- Human resources

$100 Answer from Resources

Human resources

$200 Question from Resources

Christmas trees, tobacco, and hogs represent what type of resources for North Carolina’s economy?a- Naturalb- Capitalc- Humand- Entrepreneurial

$200 Answer from Resources

Natural resources

$300 Question from ResourcesRevlon, Inc. purchased new machines that will automatically squeeze the appropriate amount of shampoo into different size bottles. What type of economic resources are the machines?A. CapitalB. HumanC. NaturalD. Service

$300 Answer from Resources

Capital resources

$400 Question from ResourcesYou are a great cook and decide to open your own restaurant. You purchase the kitchen equipment you need, rent space, and hire waiters and waitresses. You are considered what type of resource?a- Humanb- Capitalc- Naturald- Entrepreneurial

$400 Answer from Resources

Entrepreneurial

$500 Question from ResourcesWhen Wake County wants to build schools, they borrow money by issuing:

a. Stockb. Bondsc. Incomed. Fees

$500 Answer from Resources

Bonds

$100 Question from 6 Steps & Choices

A hair cut is a:A- ServiceB- NeedC- Natural resourceD- Good

$100 Answer from 6 Steps & Choices

Service

$200 Question from 6 Steps & Choices

Tanya closed her restaurant, and now needs another way to earn an income. Realizing this need is what part of economic decision-making process? A. Defining the problem B. Identifying choices C. Evaluating the advantages and disadvantages of each choiceD. Choosing one choice 

$200 Answer from 6 Steps & Choices

Defining the Problem

$300 Question from 6 Steps & Choices

Zach applied and was to admitted to three colleges. What step of the decision making model will he likely take next?A- Identifying choicesB- Evaluating the advantages and disadvantages of each choiceC- Choosing one choiceD- Acting on his choice

$300 Answer from 6 Steps & Choices

Evaluating the advantages and disadvantages of each choice

$400 Question from 6 Steps & Choices

The basic economic problem that all economies face is:A- UnemploymentB- Freedom of choiceC- TradeoffD- Scarcity

$400 Answer from 6 Steps & Choices

Scarcity

$500 Question from 6 Steps & Choices

Instead of going to the beach this weekend, I decided to stay in town and save my money toward a week at the beach during spring break. The amount of money I saved by not going to the beach is my:A- TradeoffB- SavingsC- Opportunity costD- Economic resource

$500 Answer from 6 Steps & Choices

Opportunity cost

$100 Question from Economic Systems

The main incentive for individuals to take risk and start a business in a market economy is:A- Private propertyB- Freedom of choiceC- ProfitD- Competition

$100 Answer from Economic Systems

Profit

$200 Question from Economic Systems

Your company makes airplanes, one of the type of “governments” paid you for only 5 airplanes. Afterward, if you produced more, all the extra money went to the government. Which type of economy does this represent?A- CommandB- MarketC- Traditional D- Mixed

$200 Answer from Economic Systems

Command

$300 Question from Economic Systems

Eddie’s Bakery makes cakes as well as other baked goods. Which economic question does this address?A. What to produce?B. How to produce?C. For whom to produce?D. When to produce?

$300 Answer from Economic Systems

What to produce?

$400 Question from Economic Systems

In a mixed economy, the government owns major industries such as banks, but allows individuals to own companies in other industries. Which economic question does this answer?A. What to produce?B. How to produce?C. For whom to produce?D. When to produce?

$400 Answer from Economic Systems

How to produce?

$500 Question from Economic Systems

An EXAMPLE of a value for a traditional economy is:A. a central leadership group expecting all the profit from production.B. a local company choosing to produce gaming software.C. a local company upgrading procedures regularly to increase production.D. an individual performing the same jobs as his parents due to his beliefs.

 

$500 Answer from H3

an individual performing the same jobs as his parents due to his beliefs.

$100 Question from Supply and Demand

Which is an EXAMPLE of consumers establishing demand?A. Customers waiting in line to purchase new popular boots.B. Customers waiting in line to return recalled equipment.C. Reebok footwear company trying to lease a warehouse.D. Sears Department Store displaying fewer large lawn mowers.

$100 Answer from Supply and Demand

Customers waiting in line to purchase new popular boots.

$200 Question from Supply and Demand

The struggle between businesses like Wal-Mart and Target, and McDonalds and Burger King for consumer dollars represents which principle of the U.S. economic system?A- Freedom of choiceB- CompetitionC- Private propertyD- Profit

$200 Answer from Supply and Demand

Competition

$300 Question from Supply and Demand

Sony plans to make and put on the market 60 million copies of the new Halo game. This represents what self regulating principle of a market economy?A- Consumers set demandB- Producers establish supply.C- Supply and demand generate competition.D- Demand and supply factors influence market prices.

$300 Answer from Supply and Demand

Producers establish supply.

$400 Question from Supply and Demand

A report about the economy reveals a decreasing unemployment rate, consumer buying of goods and services is increasing significantly, and the GDP is rising. Which business cycle does this report cover? A. DepressionB. ProsperityC. RecessionD. Recovery

$400 Answer from Supply and Demand

Recovery

$500 Question from Supply and Demand

In this illustration, what is the market price of pizza?A- $500 B- $10C- $250D- $800

$500 Answer from Supply and Demand

$10.00

$100 Question from Measurements

Last month, 54,000 people were laid off in the U.S., but 67,000 were hired by companies. This resulted in a decrease in the national:a. Employment rateb. GDP ratec. Unemployment rated. Rate of consumer spending

$100 Answer from Measurements

Unemployment rate

$200 Question from Measurements

Productivity is considered an indicator of an economy’s vitality, or lack of it. Productivity measures:a. A measure of hourly output per workerb. How much a person makes in a dayc. How much a company makes in a yeard.How much money a person or company makes

$200 Answer from Measurements

A measure of hourly output per worker

$300 Question from Measurements

Teacher paychecks and construction of schools represents which component of GDP?

a. Consumer spendingb. Business spendingc. Government spendingd. Exports and imports

$300 Answer from Measurements

Government spending

$400 Question from Measurements

Our government currently spends more than it receives in taxes. This has resulted in a budget:

a. GDPb. Surplusc. Reductiond. Deficit

$400 Answer from Measurements

Deficit

$500 Question from Measurements

A report about the economy reveals a decreasing unemployment rate, consumer buying of goods and services is increasing significantly, and the GDP is rising. Which business cycle does this report cover? A. DepressionB. ProsperityC. RecessionD. Recovery

$500 Answer from Measurements

Recovery

Final JeopardyIncreased personal savings contributes to economic growth by:A- Providing money for banks to lendB- Increasing retail salesC- Providing more taxes to the governmentD- Decreasing personal income

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Final Jeopardy Answer

A- Providing money for banks to lend