assignment 5: jeopardy (25 notes) mr. hernandez
TRANSCRIPT
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Assignment 5: Jeopardy (25 notes)
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Mr. Hernandez
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Intro to Economics
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KOBEKOBEKOBEKOBE GASOLGASOLGASOLGASOL FISHERFISHERFISHERFISHERARTESTARTESTARTESTARTEST ODOMODOMODOMODOM
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_____ is the struggle among producers for a consumer’s business. (pg. 31)
$100
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Competition is the struggle among producers for a
consumer’s business.
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Why does even a free market need
gov. intervention? (pg. 40-41)
$200
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Why does even a free market need gov.
intervention?
Because gov. provides thing the market wouldn’t
have. Back to
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What are the three economic
questions? (pg. 23-24)
$300
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What are the three economic questions?
What to make, how to make it, and who gets
it.Back
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What type of economy is China?
(pg. 43)
$400
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What type of economy is China?
Mixed, but on the side of centrally
planned.Back
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What incentive motivates a
manufacturer to sell a product? (pg. 30-31)
$500
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What incentive motivates a
manufacturer to sell a product?
profit
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Who was the free market philosopher that
was the OG of economics? (pg. 33)
$100
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Who was the free market philosopher that was the OG of
economics?
Adam SmithBack
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A ____ _____ economy is one in which the gov.
makes all the decisions. (pg. 27)
$200
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A centrally planned economy is one in
which the gov. makes all the
decisions.
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Who was the man who introduced
communism to the Soviet Union? (pg.
36)
$300
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Who was the man who introduced
communism to the Soviet Union?
Vladimir Lenin
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$400
A person who believes in laissez
faire believes the gov. should be more/less
involved in the economy? (pg. 41)
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A person who believes in laissez faire believes the
gov. should be less involved in the
economy?Back
toGame
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$500
What is an example of a
safety net that the gov provides for people? (pg. 26)
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What is an example of a safety net that the gov provides for people?
unemployment
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______ is the idea that democratic means should be used to distribute wealth evenly. (pg. 35)
$100
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Socialism is the idea that democratic
means should be used to distribute
wealth evenly.
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A gov. that prints posters encouraging
workers to work increase productivity is
likely what type of economy?
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A gov. that prints posters encouraging
workers to work increase productivity is
likely what type of economy?
Centrally planned Back to
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$300
What is hard to achieve in a free
market system (pg. 32) :
Efficiency, equality, freedom, or growth?
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What is hard to achieve in a free market system:
equality
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$400
If I am living on an island somewhere and I’m
going to be a hunter like my dad, what type of economy am I part of
(pg. 27)?
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If I am living on an island somewhere and I’m going
to be a hunter like my dad, what type of
economy am I part of?
traditional
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$500
The one good thing about a
centrally planned economy is that
most people have ____.
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The one good thing about a centrally
planned economy is that most people
have jobs.
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$100
_____ ______ laws make businesses disclose
information to the public to make buyers more knowledgeable and
safe.
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Public disclosure laws make businesses
disclose information to the public to make
buyers more knowledgeable and
safe.Back
toGame
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$200
When an economy is in transition, it means
it is moving from a ______ economy to a ________ economy.
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When an economy is in transition, it
means it is moving from a centrally
planned economy to a free market
economy. Back to
Game
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$300
What is the difference between a business cycle and day-to-day ups and downs in the
market?
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What is the difference between a business
cycle and day-to-day ups and downs in the
market?
Business cycles are prolonged (long term)
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$400
Tell me an example of a public good.
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Tell me an example of a public good.
Library, freeway… Back
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$500
What does Social Security do?
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What does Social Security do?
Provides benefits to the elderly
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$100
A ____ ____ is someone who uses a service they don’t
pay for (pg. 63).
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A free rider is someone who uses a service they don’t pay
for.Back
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$200
Technology makes an
economy more _________ (pg.
59)
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Technology makes an
economy more efficient.
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$300
What rights does the US Constitution give people in relation to business (pg. 52)?
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What rights does the US Constitution give people in relation to business?
Private property, limits on taxes, and right to
make contracts.
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$400
Why does the government give
patents and copyrights (pg.
60)?
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Why does the government give
patents and copyrights?
To encourage innovation. Back
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$500
Mr. Robinson plays music that you hate in
Econ. The music is an example of a
_______ externality (pg. 65).
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Mr. Robinson plays music that you hate in Econ. The music is an example of a negative
externality.
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