This document contains questions and potential answers about economics, factors of production, the Constitution, and key Supreme Court cases. It tests knowledge on topics like opportunity cost, production possibilities curves, scarcity, entrepreneurship, judicial review, implied powers, Federalists, and the Great Compromise between large and small states over representation in Congress. The final Jeopardy question asks about the difference between a shortage and scarcity.

2. Jeopardy
Scarcity and
FOP
Opportunity
Cost
Production
Possibilities
Other
Ch. 1 ?’s
Gov’t
Review
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

3. Economics in a one word
definition…– 10 points

4. Limited resources to meet
unlimited wants. – 20 points

5. An individual who takes a risk to
start a business is known as a/an…
– 30 points

6. Human-made resources used to
produced other goods and
services. – 40 points

7. Temporary inability of producers
to fill demand for a product at the
current price. – 50 points

8. The next best alternative in any
decision. – 10 points

9. All the alternatives that we give
up whenever we choose one
course of action over another.
– 20 points

10. Deciding whether to do or use
one additional unit of a resource.
– 30 points

11. You bought two new CDs with the last $30 in your
checking account, and your next payday is on
Monday. What is the opportunity cost of these CDs?
a) the difference between the cost to produce the CDs
and the price you paid for them
b) $30
c) dinner and a movie with your friends this Saturday
night
d) knowing you are the first of your friends to have
these CDs
– 40 points

12. What can a decision-making grid do?
a) tell you the right course of action
b) show you every possible consequence of your
decision
c) help you determine some of the opportunity costs
for your decision
d) show you every possible benefit of your decision
– 50 points

13. A graph showing alternative ways
to use an economy’s productive
resources. – 10 points

14. A point on the outside of a PPF
would require what? -20 points

15. If an economy is not using all of its
resources, the resources are said to
be ______________. -30 points

16. A line showing the maximum
possible output for a given
economy using its resources.
– 40 points

17. As production switches from one
item to another, more and more
resources are needed to increase
production of the 2nd
item.
– 50 points

18. Natural resources used in the
production of other goods and
services are known as…
– 10 points

19. Something necessary for
survival. – 20 points

20. Actions or activities that one
Person performs for another
(i.e. a haircut)– 30 points

21. Knowledge and skills that a
worker gains through education
or experience. – 40 points

22. Name the 4 factors of
production. – 50 points

23. This Supreme Court case
established the power of the
judicial branch to exercise
judicial review.
– 10 points

24. The power to interpretn
laws is called
__________ power.
-20 points

25. This Supreme Court case
established the power of Congress
to exercise its implied powers.
– 30 points

26. Those who supported the
Constitution are known as…
– 40 points

27. The biggest compromise of
the Constitutional Convention
involved the composition of
the legislative branch. This
compromise is known as the….
– 50 points

28. Final Jeopardy
What is the difference b/t a
shortage and scarcity?