Jeopardy economics exam review 2010 11


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  • Jeopardy economics exam review 2010 11

    1. 1. Economics Jeopardy Chapter 1 Chapter 2 Chapter 4 Demand Econ. Overview More Economics 10 10 10 10 10 20 20 20 20 20 30 30 30 30 30 40 40 40 40 40 50 50 50 50 50
    2. 2. What is economics all about? a. money c. snuggies b. choices d. the stock market – 10 points
    3. 3. Which of the following is an example of scarcity, rather than shortage? a.A popular toy is sold out during the busy holiday season. b.You have spent your last penny and payday is a week away. c.A person wants an endless supply of everything but cannot have it. d.Gasoline was rationed in America during World War II. – 20 points
    4. 4. Human capital includes a. the salary paid to an accountant. b.a taxi driver’s knowledge of the city streets. c. the machinery used to weave cloth. d.the equipment used by a doctor to cure a patient. – 30 points
    5. 5. A company that makes baseball caps is underutilizing its resources. What does this mean? a.The company is running more efficiently than its competitors. b.The company is paying its employees less than it should be. c.The company is making caps when it could be making t-shirts instead. d.The company is producing fewer caps than it could be. – 40 points
    6. 6. What can cause a production possibilities curve to move to the right? a.Thousands of people move out of the country. b.A new invention lowers the cost of production. c.An epidemic kills thousands of young men and women. d.The population is growing increasingly old. – 50 points
    7. 7. What is the struggle among various producers for the consumer’s business called? a. socialism c. incentive b. competition d. self-regulation – 10 points
    8. 8. Which of the following was a free market philosopher? a. Karl Marx c. Vladimir Lenin b. Adam Smith d. Friedrich Engels – 20 points
    9. 9. In what kind of an economy does the government make all the decisions? a. socialist c. centrally planned b. laissez faire d. free enterprise – 30 points
    10. 10. What is the purpose of competition? act as a regulating force in the marketplace cause producers to attempt to put each other out of business cause buyers to have to be careful about spending their money act as a motivating force behind the free market – 40 points
    11. 11. What economic goals are most likely to be achieved in a market economy? a.freedom, security, and equity, equity, efficiency c. freedom, growth, and efficiency d.good environment, and a good government – 50 points
    12. 12. When a consumer is able and willing to buy a good or service, he or she creates which of the following? a. consumption c. elasticity b. demand d. allocation – 10 points
    13. 13. What is a basic principle of the law of demand? a.The higher the price, the more people will want the good. b.Everyone has a limited income that they will spend. c.When a good’s price is lower, people will buy more of it. d.Services are of interest in the same way that goods are. – 20 points
    14. 14. A shift in the demand curve means which of the following? a. a change in demand at every price b. a rise in prices c.a decrease in both price and quantity demanded d. a change in consumer income – 30 points
    15. 15. How is future price expectations related to current demand? a.If the price is expected to rise, current demand will drop. b.If the price is expected to fall, current demand will rise. c.If the price is expected to rise, current demand will rise. d.Future price is not related to current demand. – 40 points
    16. 16. You are part-owner of Apple corporation because you a. own some of the company’s stock. b.have created a corporate charter for the company. c. have purchased company bonds. d. attend the company’s annual meetings. – 10 points
    17. 17. Which of these tools in an example of monetary policy? a. reducing income taxes b. buying and selling government securities (bonds) c. increasing government spending d. borrowing money through deficit spending – 20 points
    18. 18. Which of the following is a treaty to eliminate all trade barriers between Canada, Mexico, and the United States? a. APEC c. CARICOM b. MERCOSUR d. NAFTA – 30 points
    19. 19. Which of the following goods has an inelastic demand? a.Nike shoes b.cigarettes c. Motorola cell phones d. Toshiba computers – 40 points
    20. 20. When the government deregulates a product or service, what happens to it? a.The product or service is available to more people. b. The product or service becomes cheaper. c. Some government regulations over the industry are eliminated. d. Government control over the industry is stopped. – 50 points
    21. 21. What type of policy does the Federal Reserve use to counteract an expansion that is causing high interest rates? a.fiscal policy b.easy money policy c. tight money policy d. policy lags – 10 points
    22. 22. What is one possible short-term effect of an easy money policy? a.decreasing inflation b.a contracting money supply c. higher interest rates d. an increased money supply – 20 points
    23. 23. When the selling price of a good goes up, what is the relationship to the quantity supplied? a. The cost of production goes down. b.The profit made on each item goes down. c. The producer supplies more of the good. d. There is no relationship between the two. – 30 points
    24. 24. Supply refers to ______________, while demand refers to _________________. a.consumers, producers b.producers, consumers c. consumers, shoppers d. business owners, entrepreneurs – 40 points
    25. 25. What is an important advantage of a free market? a.It does not change unless the government directs it. b.Individuals are free to make their own economic decisions. c. It is easy to regulate. d. It protects the less fortunate. – 50 points