1. Econ Quizzo
SS 8
December 15, 2014

2. Round 1
In this economy, the economic questions are answered by trading.
In this economy, the government answers the economic questions.
What are the 4 parts of demand?
Patrick wants to buy a gift for his girlfriend Lady Gaga. He can buy a Tiffany diamond necklace for her or a Panera sandwich. What is his opportunity cost if he buys the sandwich?
A PS4 would be an example of a ____ good.

3. Answers – Round 1 Traditional Command
Amount, Willing to Buy, Able to Buy, Price
Not buying the Tiffany necklace
Private

4. Round 2
In this economy, business owners make all of the decisions.
Company A is offering $75 for every $36 invested. Company B is offering $114 for every $57 invested. Company C is offering $1,000 for every $675 invested. Which company should I go with?
A firehouse is an example of what type of good.
When a business makes more money than it spends, this is a result.
In this system, a company has permission from the “parent company” to sell a certain good or service in a particular area for a sum of money.

5. Answers – Round 2
Market
Company A
Public
Surplus
Franchise

6. Calculate GDP – Round 3 Country A 40,000 @ $218 each 1,189 @ $187each
$42 each
40,948
Country B
$189 each
$97 each
$56 each
162,072
Country C
$107 each
$148 each
$51 each
90,711
Country D
$120 each 7,
$75 each
2,000,047
Country E
$112 each
23,
$101 each
217,
$37 each
128,614
Country F
$110 each
$89 each
$48 each
338,917
Country G
$168 each
$109 each
$20 each
980,742
Country H
$35 each
1,328,000
Country I
$45 each
$104 each
$90 each
56,923
Country J
$67 each
$84 each
$12 each
93,428

7. Round 3 Which country had the highest GDP?
Which country had the lowest GDP per capita?
Which country had the lowest GDP?
Which country had the highest GDP per capita?
In which type of business is it easier to get money (ex. a loan) from the bank?

8. Answers – Round 3 B H J A
Corporation

9. Round 4 Only ______ goods are counted towards GDP.
In this business system, I have no liability as a business owner/leader.
What are the 3 types of resources?
These are costs that NEVER change for a business.
Legal responsibility for something such as an action or a debt. What is this?

10. Answers – Round 4 Final Corporation Natural, Labor, Capital Fixed
Liability

11. Round 5 An item that is consumed by 1 person is defined as…
What could go at letter A on the chart?
“We have unlimited wants but there is a limit of resources available to meet these wants.” Which term best describes the main idea of this sentence?
Miles Allen runs a store that sells Barack Obama bobble head dolls. It cost him $1.78 to make each one and he sells them for $ What is his revenue and his profit? A

12. Answers – Round 5
Private Good
Money
Economics
$5.25/$3.47

13. Round 6 At what hour would the store lose money? What does MR mean?
At what hour does the store reach equilibrium?
Only ______ goods are counted towards GDP.
The rise and fall of businesses is called _______________ by economist.

14. Answers – Round 6 6
Marginal Revenue 5
Final
Business Cycle

15. Round 7
The government will do this when there is an unsafe product on the market.
Legal responsibility for something such as an action or a debt. What is this?
Laissez-faire means what in economics?
Define equilibrium price.
I bought a cupcake for .36 and sold it for $ What is my profit?

16. Round 7 Answers Recall Liability Hands-off from government
When there is neither a profit or a loss of money
$1.23

17. End Econ Review