1. JEOPARDY

2. Fiscal &
Monetary
Policy
Economic
Indicators
Money &
Taxes
Market
Structures
The Role
of Gov’t.
Potpourri
$100
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$200
$200
$200
$200
$200
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$300
$300
$300
$300
$300
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$400
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$500
$500
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$500

3. Fiscal & Monetary Policy $100 Uses the Federal Reserve’s power to regulate the money supply and interest rates.
Monetary policy

4. Fiscal & Monetary Policy $200 Uses the government’s power to tax and spend.
Fiscal Policy

5. Fiscal & Monetary Policy $300 He believed gov’t
Fiscal & Monetary Policy $ He believed gov’t. spending could stimulate demand during a recession.
Keynes

6. Fiscal & Monetary Policy $400 Increases economic activity by raising the amount of gov’t spending and/or cutting taxes.
Expansionary
fiscal policy

7. Fiscal & Monetary Policy $ He supported monetarism—the use of monetary policy to expand and contract the money supply and control inflation.
Friedman

8. Gross Domestic Product
Economic Indicators $100 The market value of all final, legal goods/services produced within the borders of a country during a given period of time.
Gross Domestic Product

9. Economic Indicators $ The economic indicator that is the best at determining a society’s standard of living.
Per Capita GDP

10. Economic Indicators $300 GDP = __________ + Investment +_________ + (Exports-Imports)
Consumption/
Gov’t Spending

11. Economic Indicators $ A measure of price changes in consumer goods and services over a given period of time.
Consumer Price
Index

12. Economic Indicators $500 People “between” jobs and looking for the “right” job.
Frictional
unemployment

13. Money & Taxes $100 Name ONE of the 3 functions/purposes for money.
1. Medium of exchange
2. Standard of value
3. Store of value

14. Money & Taxes $200 Name TWO of the six characteristics of money.
Durability
Portability
Acceptability
Divisibility
Uniformity
Scarcity

15. Money & Taxes $300 Taxes levied on the value of land, homes, boats, cars, etc.
Property

16. Estate & Inheritance Tax
Money & Taxes $ Taxes levied on some or all of a person’s estate when they die.
Estate & Inheritance Tax

17. Money & Taxes $500 These taxes are taken directly from an employee’s paycheck, and the most important are is Social Security and Medicare.
Payroll Taxes

18. Market Structures $100 An obstacle to a producer’s ability to access a market and limits competition.
Barriers to entry

19. Market Structures $200 One producer, with very high barriers to entry, who produce a unique good/service, and there is no competition. Ex.: Utilities, DeBeers diamonds
Monopoly

20. Market Structures $300 Few producers (controlling more than 60% ofthe market), with high barriers to entry, who produce similar goods/services, and some competition. Ex.: Airlines, films
Oligopoly

21. Market Structures $400 Many producers who produce varied, but similar godos/services, easy entry to the market, and competition determining price. Ex.: Fast food, clothing
Monopolistic
Competition

22. Market Structures $500 Many producers who produce identical goods/services, easy entry to the market, and supply & demand determine price. Ex.: crops, currency
Perfect Competition

23. The Role of Government $100 The federal government regulates the economy through these two types of policies.
Fiscal & monetary

24. The Role of Government $200 Federal fiscal policy uses the President’s preparation of the budget, and _________ power to tax and appropriate.
Congress’

25. The Role of Government $300 The US dollar is this kind of money, like much of the currency in the world today, because it is only backed by society’s faith in its value.
Fiat money

26. The Role of Government $400 The power of the government to take private property for public use, with fair compensation.
Eminent domain

27. The Role of Government $500 If the government wants to prevent inflation and slow the economy, it might raise interest rates so people spend less and save more. This is an example of this SPECIFIC policy.
Tight-money
monetary policy

28. Potpourri $100 The period in the business cycle where there is falling GDP and rising unemployment.
Contraction

29. Potpourri $200 Loss of jobs during a period of economic decline, such as when the “housing bubble” burst in
Cyclical
unemployment

30. Potpourri $300 The fall in the price of goods & services.
Deflation

31. Potpourri $400 Unemployment due to changes in demand for the labor, such as technology or consumer taste.
Structural
unemployment

32. Potpourri $500 Decreases economic activity by raising taxes and/or decreasing government spending.
Contractionary