Test InfoTest Info Timed test – 50 minutesTimed test – 50 minutes 45 points45 points Almost 40 multiple choice questionsAlmost 40 multiple choice questions Choose Choose TWOTWO of three writing of three writing

promptsprompts Open note test – multiple versionsOpen note test – multiple versions Have packets complete beforehandHave packets complete beforehand Bring all of your material on EconBring all of your material on Econ

Focus writing #11 – 5/25Focus writing #11 – 5/25

What will you do to prepare for the What will you do to prepare for the test?test?

EconomicsEconomics

Jeopardy!Jeopardy!

Jeopardy RulesJeopardy Rules

Form groups of 4-5 studentsForm groups of 4-5 students Need one volunteerNeed one volunteer Questions go in order around the roomQuestions go in order around the room If group misses, others can try to steal If group misses, others can try to steal

– first to raise hand (can lose points – first to raise hand (can lose points this way)this way)

Highest total points gets candyHighest total points gets candy Use your notes and handoutsUse your notes and handouts

CategoriesCategories

Economic Basics – easiest questions – Economic Basics – easiest questions – mainly from Intro to Economic Notesmainly from Intro to Economic Notes

Production Possibilities Frontier and Production Possibilities Frontier and Trade – includes definitions of trade termsTrade – includes definitions of trade terms

Economic Systems – capitalism, Economic Systems – capitalism, communism, etc.communism, etc.

Bad Situations – Ireland and AndersonvilleBad Situations – Ireland and Andersonville U.S. Trade Policy – from the two reading U.S. Trade Policy – from the two reading

packetspackets

Econ Econ BasicsBasics

PPF PPF and and TradTrad

ee

Econ Econ SystemsSystems

Bad Bad SituatioSituatio

nsns

Trade Trade PolicyPolicy

100100 200200 200200 200200 200200

200200 400400 400400 400400 400400

300300 600600 600600 600600 600600

400400 800800 800800 800800 800800

500500 10001000 10001000 10001000 10001000

Econ Basics Question- Econ Basics Question- 100100

The study of how societies use The study of how societies use scarce resources. scarce resources.

ANSWER

Basic Economics Answer- Basic Economics Answer- 100100

What is economics? What is economics?

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Econ Basics Question- Econ Basics Question- 200200

These are the three basic questions These are the three basic questions of economics.of economics.

ANSWER

Basic Economics Answer- Basic Economics Answer- 200200

What to make, how to make it, who What to make, how to make it, who to make it forto make it for

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Basic Economics Basic Economics Question- 300Question- 300

Unlimited wants and needs, limited Unlimited wants and needs, limited resourcesresources

ANSWER

Basic Economics Answer- Basic Economics Answer- 300300

What causes scarcity?What causes scarcity?

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Basic Economics Basic Economics Question- 400Question- 400

What happens to demand for flip-What happens to demand for flip-flops during spring/summer?flops during spring/summer?

ANSWER

Basic Economics Answer- Basic Economics Answer- 400400

It shifts outward due to changing It shifts outward due to changing consumer preferences.consumer preferences.

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Basic Economics Basic Economics Question- 500Question- 500

What is the opportunity cost of any What is the opportunity cost of any decisiondecision

ANSWER

Basic Economics Answer- Basic Economics Answer- 500500

What is the next best alternative?What is the next best alternative?

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PPF and Trade Question- PPF and Trade Question- 200200

A PPF curve represents the tradeoff A PPF curve represents the tradeoff between how many goods or between how many goods or services?services?

ANSWER

PPF and Trade Answer- PPF and Trade Answer- 200200

Two goods or servicesTwo goods or services

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PPF and Trade Question- PPF and Trade Question- 400400

What does it mean to have absolute What does it mean to have absolute advantage in trade? advantage in trade?

ANSWER

PPF and Trade Answer- PPF and Trade Answer- 400400

One country can produce more of a One country can produce more of a good using the same amount of good using the same amount of resourcesresources

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PPF and Trade Question- PPF and Trade Question- 600600

Why do countries trade?Why do countries trade?

ANSWER

PPF and Trade Answer- PPF and Trade Answer- 600600

Because each nation can benefit OR Because each nation can benefit OR because of comparative advantage because of comparative advantage OR because one country has OR because one country has something the others wantsomething the others want

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PPF and Trade Question- PPF and Trade Question- 800800

Using division of labor and Using division of labor and specialization leads to what specialization leads to what outcome?outcome?

ANSWER

PPF and Trade Answer- PPF and Trade Answer- 800800

What are increases in economic What are increases in economic output from efficiency gains?output from efficiency gains?

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PPF and Trade Question- PPF and Trade Question- 10001000

What is comparative advantage?What is comparative advantage?

ANSWER

PPF and Trade Answer- PPF and Trade Answer- 10001000

The principle in which total output The principle in which total output will increase if nations specialize in will increase if nations specialize in the activities for which their the activities for which their advantages are largestadvantages are largest

OROR The ability to produce a good at a The ability to produce a good at a

lower opportunity cost than a lower opportunity cost than a trading partner.trading partner.BACK

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Economic Systems Economic Systems Question- 200Question- 200

Which economic system has the Which economic system has the most government control?most government control?

ANSWER

Economic Systems Economic Systems Answer- 200Answer- 200

What is communism or a command What is communism or a command economyeconomy

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Economic Systems Economic Systems Question- 400Question- 400

Which economic system is controlled Which economic system is controlled by supply and demand and the by supply and demand and the invisible hand?invisible hand?

ANSWER

Economic Systems Economic Systems Answer- 400Answer- 400

What is capitalism?What is capitalism?

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Which system has the most unequal Which system has the most unequal distribution of wealth and power?distribution of wealth and power?

ANSWER

Economic Systems Question Economic Systems Question – 600 – 600

Economic Systems Economic Systems Answer- 600Answer- 600

What is feudalism?What is feudalism?

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Economic Systems Economic Systems Question- 800Question- 800

What was the outcome of the What was the outcome of the combination of capitalism and combination of capitalism and democracy? democracy?

ANSWER

Economic Systems Economic Systems Answer- 800Answer- 800

The average income of people living The average income of people living in countries with those systems went in countries with those systems went up dramatically (starting in about up dramatically (starting in about 1500).1500).

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Economic Systems Economic Systems Question- 1000Question- 1000

What was the pattern of economic What was the pattern of economic equality in the United States over equality in the United States over the last 200 years? Identify the four the last 200 years? Identify the four time periods and the overall pattern time periods and the overall pattern for each.for each.

ANSWER

Economic Systems Economic Systems Answer- 1000Answer- 1000

It started off equal, became unequal It started off equal, became unequal around 1855 (railroads), became around 1855 (railroads), became more equal again in 1930’s because more equal again in 1930’s because of Great Depression, and more of Great Depression, and more unequal again since 1980.unequal again since 1980.

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Bad Situations Question- Bad Situations Question- 200200

Was the sanitation problem at Was the sanitation problem at Andersonville Prison an example of Andersonville Prison an example of an economic want or need?an economic want or need?

ANSWER

Bad Situations Answer- Bad Situations Answer- 200200

What is a human need?What is a human need?

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Bad Situations Question- Bad Situations Question- 400400

What two economic systems were What two economic systems were used, and by whom, at Andersonville used, and by whom, at Andersonville prison?prison?

ANSWER

Bad Situations Answer- Bad Situations Answer- 400400

Command system by the guards, Command system by the guards, capitalism by the prisonerscapitalism by the prisoners

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Bad Situations Question- Bad Situations Question- 600600

What economic system best What economic system best describes the situation in Ireland in describes the situation in Ireland in 1848?1848?

ANSWER

Bad Situations Answer- Bad Situations Answer- 600600

What is Feudalism?What is Feudalism?

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Bad Situations Question- Bad Situations Question- 800800

What political system best describes What political system best describes England in 1848?England in 1848?

ANSWER

Bad Situations Answer- Bad Situations Answer- 800800

What is democracy OR What is democracy OR constitutional monarchy?constitutional monarchy?

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Bad Situations Question- Bad Situations Question- 10001000

Why did 1 million people die in Why did 1 million people die in Ireland? Identify at least two Ireland? Identify at least two contributing factors.contributing factors.

ANSWER

Bad Situations Answer- Bad Situations Answer- 10001000

There was a potato famine AND the There was a potato famine AND the landowners continued to export food landowners continued to export food from Ireland AND the government from Ireland AND the government did nothing to help the tenant did nothing to help the tenant farmer.farmer.

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Trade Policy Question- Trade Policy Question- 200200

Has the United States run a trade Has the United States run a trade deficit or surplus since 1980?deficit or surplus since 1980?

ANSWER

Trade Policy Answer- 200Trade Policy Answer- 200

What is a deficit? Since 1980 What is a deficit? Since 1980 imports have grown much faster imports have grown much faster than exports.than exports.

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Trade Policy Question- Trade Policy Question- 400400

How do cotton subsidies benefit U.S. How do cotton subsidies benefit U.S. farmers?farmers?

ANSWER

Trade Policy Answer- 400Trade Policy Answer- 400

U.S. farmers can sell their products U.S. farmers can sell their products at a lower price and still make a at a lower price and still make a profit.profit.

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Trade Policy Question- Trade Policy Question- 600600

What is an argument in favor of free What is an argument in favor of free trade?trade?

ANSWER

Trade Policy Answer- 600Trade Policy Answer- 600

Trade increases average incomes OR Trade increases average incomes OR democracy seems to follow trade OR democracy seems to follow trade OR poorer areas tend to catch up and poorer areas tend to catch up and jobs move therejobs move there

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Trade Policy Question- Trade Policy Question- 800800

What types of jobs are most What types of jobs are most commonly outsourced?commonly outsourced?

ANSWER

Trade Policy Answer- 800Trade Policy Answer- 800

What are manufacturing jobs and What are manufacturing jobs and service jobs like working in call service jobs like working in call centers?centers?

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Trade Policy Question- Trade Policy Question- 10001000

What are the names of the four What are the names of the four “tiger” economies in East Asia that “tiger” economies in East Asia that did so well in the 1980’s and 1990’s?did so well in the 1980’s and 1990’s?

ANSWER

Trade Policy Answer- Trade Policy Answer- 10001000

What are Hong Kong, Singapore, What are Hong Kong, Singapore, Taiwan, and South Korea?Taiwan, and South Korea?

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