JeopardyJeopardyTrue/False True/False Economies Terms

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Final Jeopardy

Measure

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$100 Question from True/False$100 Question from True/False

A compact disc player is an example of a need—True or False?

$100 Answer from True/False$100 Answer from True/False

What is False.

$200 Question from True/False$200 Question from True/False

Tangible products you can purchase to meet your wants and needs are

called goods—True or False?

$200 Answer from True/False$200 Answer from True/False

What is True.

$300 Question from True/False$300 Question from True/False

When you decide to buy a jacket instead of a concert ticket, you are making a tradeoff—True or False?

$300 Answer from True/False$300 Answer from True/False

What is True.

$400 Question from True/False$400 Question from True/False

A period in which unemployment begins to rise, demand begins to decrease and

businesses lower production is called recovery—True or False?

$400 Answer to True/False$400 Answer to True/False

What is False.

$500 Question from True/False$500 Question from True/False

The market price for a product is the point where demand is greater than

supply—True or False?

$500 Answer to True/False$500 Answer to True/False

What is False.

$100 Question from True/False$100 Question from True/False

In the early 1890s, the average employee in the United States

worked about 60 hours per week—True or False?

$100 Answer from True/False$100 Answer from True/False

What is True.

$200 Question from True/False$200 Question from True/False

Dividing GDP by the total population of a country results in that country’s

GDP per capita—True or False?

$200 Answer from True/False$200 Answer from True/False

What is True.

$300 Question from True/False$300 Question from True/False

The basic economic problem is having unlimited wants and needs but limited economics resources—True

or False?

$300 Answer from True/False$300 Answer from True/False

What is True.

$400 Question from True/False$400 Question from True/False

Water, air and minerals are examples of capital resources—True or False?

$400 Answer to True/False$400 Answer to True/False

What is False.

$500 Question from True/False$500 Question from True/False

Movement of the economy from one condition to another is called the business cycle—True or False?

$500 Answer to True/False$500 Answer to True/False

What is True.

$100 Question from $100 Question from EconomiesEconomies

Resources are owned and controlled by the people of the country.

$100 Answer from Economies$100 Answer from Economies

What is a market economy?

$200 Question from $200 Question from EconomiesEconomies

The government decides what and how goods are produced.

$200 Answer from Economies$200 Answer from Economies

What is a command economy?

$300 Question from $300 Question from EconomiesEconomies

Workers often use hand tools and readily available natural resources.

$300 Answer from Economies$300 Answer from Economies

What is a traditional economy?

$400 Question from $400 Question from EconomiesEconomies

A system that combines market, traditional and command economies.

$400 Answer to Economies$400 Answer to Economies

What is a mixed economy?

$500 Question from $500 Question from EconomiesEconomies

Capitalism, private enterprise and free enterprise are other names for

this economic system.

$500 Answer to Economies$500 Answer to Economies

What is a market economy?

$100 Question from Terms$100 Question from Terms

A nation’s plan for answering the three economic questions.

$100 Answer from Terms$100 Answer from Terms

What is the economic system?

$200 Question from Terms$200 Question from Terms

Businesses that offer very similar products to the same customers.

$200 Answer from Terms$200 Answer from Terms

Who are competitors?

$300 Question from Terms$300 Question from Terms

A person who buys and uses goods and services.

$300 Answer from Terms$300 Answer from Terms

Who is a consumer?

$400 Question from Terms$400 Question from Terms

When the government spends more than it takes in.

$400 Answer to Terms$400 Answer to Terms

What is a budget deficit?

$500 Question from Terms$500 Question from Terms

Money spent by a business for an item (such as land, buildings or

equipment) that will be used over a long period.

$500 Answer to Terms$500 Answer to Terms

What is capital spending or capital projects?

$100 Question from Measure$100 Question from Measure

Compares the prices of a group of selected items each year to some

earlier year.

$100 Answer from Measure$100 Answer from Measure

What is the CPI

(Consumer Price Index)?

$200 Question from Measure$200 Question from Measure

The total dollar value of all final goods and services produced each

year in a country.

$200 Answer from Measure$200 Answer from Measure

What is the GDP

(Gross Domestic Product)?

$300 Question from Measure$300 Question from Measure

Monthly measure of the sales of durable and nondurable goods bought

by consumers.

$300 Answer from Measure$300 Answer from Measure

What is retail sales?

$400 Question from Measure$400 Question from Measure

Refers to salaries and wages as well as investment income and government payments

to individuals.

$400 Answer to Measure$400 Answer to Measure

What is personal income?

$500 Question from Measure$500 Question from Measure

The percentage of people in the labor force who are willing to work, are looking for work but are unable to

find work.

$500 Answer to Measure$500 Answer to Measure

What is the unemployment rate?

Final Jeopardy QuestionFinal Jeopardy Question

The age when a person is considered to be part of the labor force.

Final Jeopardy AnswerFinal Jeopardy Answer

What is 16?