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Economic Test Jeopardy Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy
$100 Market Structures Which is not a legal monopoly? Resource monopolies Government-created monopolies Competitive monopolies Natural monopolies
$100 Answer for Market Structures Resource monopolies Government-created monopolies Competitive monopolies Natural monopolies
$200 Market Structures Many producers supply similar but varied products
$200 Answer for Market Structures Monopolistic Competition
$300 Market Structures Few firms dominate the market and produce similar goods
$300 Answer for Market Structures Oligopoly
$400 Market Structures Many producers supply an identical product and no control over prices
$400 Answer for Market Structures Perfect Competition
$500 Market Structures Which of these is a public good? maids cell phones police banks
$500 Answer for Market Structures maids cell phones police banks
$100 Types of Businesses With which form of business is most closely associated with limited risk/liability?
$100 Answer for Types of Businesses Corporations
$200 Types of Businesses One owner, keeps all profits, makes all decisions
$200 Answer for Types of Businesses Sole Proprietorship
$300 Types of Businesses Two or more people, shared decision making, easy to start
$300 Answer for Types of Businesses Partnership
$400 Types of Businesses A person who takes a risk of starting a business or creates a product is called an …
$400 Answer for Types of Businesses Entrepreneur
$500 Types of Businesses Ownership in a corporation is called?
$500 Answer for Types of Businesses Shares of stock
$100 Unemployment The unemployment rate does NOT include which of the following: person seeking their first job person who have retired person between jobs person laid off during recessions
$100 Answer for Unemployment person seeking their first job person who have retired person between jobs person laid off during recessions
$200 Unemployment A type of unemployment that results from a period of decline in the business cycle
$200 Answer for Unemployment Cyclical
$300 Unemployment A type of unemployment that results when workers are seeking their first job
$300 Answer for Unemployment Frictional
$400 Unemployment A mismatch between job seekers and job openings. Job seekers may lack skills or education.
$400 Answer for Unemployment Structural
$500 Unemployment People who work at Busch Gardens lose their jobs in winter months.
$500 Answer for Unemployment Seasonal
$100 Measuring the Economy What is the CPI used to measure?
$100 Answer for Measuring the Economy Inflation
$200 Measuring the Economy The market value of all final goods and services produced within a country during a given period of time adjusted for inflation
$200 Answer for Measuring the Economy Real GDP Gross Domestic Product
$300 Measuring the Economy A rise in the price of goods and services (inflation) caused by an increase in overall demand
$300 Answer for Measuring the Economy Demand pull
$400 Measuring the Economy A nation’s real GDP divided by its population.
$400 Answer for Measuring the Economy Per Capita GDP
$500 Measuring the Economy A rise in price of goods and services caused by increases in the cost of the factors of production.
$500 Answer for Measuring the Economy Cost push
$100 Other Junk The current value of a country’s output including the cost of inflation.
$100 Answer for Other Junk Nominal GDP
$200 Other Junk The phase of the business cycle in which economic activity is in decline.
$200 Answer for Other Junk Contraction
$300 Other Junk During an expansion in the economy, what likely happens to unemployment?
$300 Answer for Other Junk Decreases
$400 Other Junk Goods and services produced in other countries and sold in the U.S.
$400 Answer for Other Junk Imports
$500 Other Junk Mr. Knoche buys a bag of Doritos. In what part of GDP is this included?
$500 Answer for Other Junk C Household Consumption
Final Jeopardy A decline in economic activity over a period of at least six months is called?
Final Jeopardy Answer Recession
Learning Objectives 12.1 Describe the predominant economic systems and how they impact business Define scarcity and identify the problems posed by.
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Copyright ©2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or.
Circular Flow of Income is a simplified model of the economy that shows the flow of money through the economy.
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