double economics jeopardy

Double Economics JeopardyTypes of

Economies & basic terms

Supply & Demand

Competition, Business, &

Labor

Stocks & Saving Economic Indicators

20 20 20 20 20

40 40 40 40 40

60 60 60 60 60

80 80 80 80 80

100 100 100 100 100Compliments of the James Madison Center, JMU

20 pointsAdam Smith created the theory of a force that makes us make choices that help society. What did he call this “force?”

40 pointsIn what type of economy would the government make absolutely NO impact on economic life of its citizens?

Daily Double

In many European nations, the government control only the most important industries but allow citizens to have a lot of economic freedoms. What type of socialism is this?

80 pointsSports trades are often examples of this form of exchange as they rarely use money, are very complicated, and rely on negotiations between the trading team.

100 pointsOf the four factors of production needed by a supermarket, what resource would money, the building, and the cash register be to that supermarket?

20 pointsIf the government gives the dairy industry a $50 billion subsidy, what will happen to the supply of milk?

40 pointsIf the government gives a tax break to all citizens in the US, what will happen to the demand of new plasma-screen TVs?

60 pointsFrom the demand schedule below, what will the total revenue be if you were to charge $5 for your soda?

Price of “pop” Quantity Demanded

Total Revenue

$1.00 200$2.00 150$3.00 100$4.00 20$5.00 3

80 pointsWhen doing a marginal analysis and you see that hiring an extra worker causes your marginal product to decrease, what “effect” is happening?

Daily Double

If the price of jelly skyrockets due to a grape fungus, what will happen to the demand of peanut butter?

20 pointsIn monopolistic markets, what is the goal of businesses in these markets?

40 pointsOPEC, which controls the world’s oil supplies, is considered to be what type of group?

60 pointsThis was a quota system meant to give minorities better access to well-paying jobs and acceptance into colleges.

80 pointsIn a corporation, what person is usually in charge of the business and is selected by the board of directors?

100 pointsMinimum wage was first set by what law passed in 1938?

20 pointsWhere in New York is the NYSE?

40 pointsWhen you have a savings account and you are able to pull money out of the account whenever you want without a penalty, the account is what? (Think wet)

60 pointsWhen you own a farm and sell off a portion of your field before you grow it, what is it said you are selling on the market?

80 pointsThe money you get each year as your share of the company’s profits as a stockholder is called what?

100 pointsWhat does NASDAQ stand for?

20 pointsHow many Federal Reserve banks are there?

40 pointsA person that loses their job at Dairy Queen during the winter months suffers from what type of unemployment?

60 pointsHow many months must the GDP go up or down in order for the economy to enter a recession or recovery?

80 pointsWhat tax can a government impose on citizens to attempt to get them to stop behaving in certain ways?

100 pointsWhat statistic would you want to find if you wanted to determine how wealthy a country was in relation to how many people they have in their country?