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Transcript of Jeopardy Economies Pros &Cons Goals More Goals Free-for-All Q $100 Q $200 Q $300 Q $400 Q $500 Q...
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JeopardyEconomies Pros &Cons Goals More Goals Free-for-All
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Final Jeopardy
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A system of collecting and organizing macroeconomic statistics on production, income, investment and savings
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What is national income accounting
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The proportion of disposable income thatis saved.
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$200
What is the savings rate?
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An economic variable that theFederal Reserve can manipulate to encourage consumer spending, and business investment, but may lead toinflation if not monitored properlycontrolled.
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What are interest rates?
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Products like memory chips, steering wheels, seat belts, and steel that usedin the production of final goods.
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$400
What are intermediategoods?
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Period of economic expansionfollowed by one of economiccontraction.
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What is the business cycle?
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Measure of a nation’s standardof living that indicates howoutput is distributed across thepopulation.
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What real GDP per capita?
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Measure of economic output minusthe effect of inflation.
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What is real GDP?
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Total amount of goods andservices in the economy available at all possible pricelevels.
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What is aggregate supply?
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The average of all prices in theeconomy.
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What is the price level?
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The nations output based on current prices.
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What is nominal GDP?
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Unintended economic side effectthat is not reflected in GDP.
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What is a negative externality?
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Unanticipated disruption in the supply of oil,supply, or an unexpected discovery of anatural resource that can effect the businesscycle?
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What are external shocks?
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Economist whose idea that government intervention is sometimes needed to pull an economy out of a deep recession or depression
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$300
Who is John Maynard Keynes?
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$400
On the job training, education, improvedand additional technology provided to employees is characterized as this processof increasing productivity and GDP.
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$400
What is capital deepening?
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By eliminating the effect of increased capital and increasedlabor, the remaining growth inoutput comes from this.
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$500
What is technology?
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$100
C + I + G + (X-i) = ?
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$100
What equals GDP
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$200
These products are known asThe ‘big-ticket’ items that lastA minimum of 3 years.
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$200
What are durable goods?
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$300
“My lawyer will be in touch withyou about this pile of junk you call a car”.
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$300
Who is a person exercising theirLemon Law rights.
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$400
“How can I budget when priceskeep going up, but my pensionstays the same?”
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$400
What is a comment from someoneliving on a fixed income?
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$500
Turn off cookies.
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$500
What is an internet option to Guarantee ones right to privacy?
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$100
Economic freedom, voluntary exchangePrivate property rights, profit motive andCompetition.
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$100
What are five characteristics ofa free market economy?
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$200
Buyer and seller believe they arebetter off.
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$200
What happens during voluntaryexchange?
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$300
“I think pink siding and orangeshutters look really nice even if youdon’t.”
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$300
What someone who is exercisingtheir private property rights mightsay?
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It is the driving force behind the growthof a free enterprise system.
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$400
What is the profit motive?
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$500
“The customer is always right”.
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$500
What the ‘ruler of the market’ saysOr what ‘consumer sovereignty’ means.
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Final Jeopardy
The Tennesee Valley Authority who supplieselectric power for all of Tennessee and partsof Alabama, Georgia, Kentucky, Mississippi,North Carolina and Virgina is an example of this.
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Final Jeopardy Answer
What is a direct roleof government.