Academic Raceway 500 Econ Final Rules: 1. Groups (“Pit Crews” play on their white boards each...
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Transcript of Academic Raceway 500 Econ Final Rules: 1. Groups (“Pit Crews” play on their white boards each...
Rules: 1. Groups (“Pit Crews” play on their white boards each round (0ne point for each correct answer)2. Points are doubled for the final round. Photo finish round is worth 5 points2. We will go around the room starting to my far right. You can CHOOSE A DRIVER OR PASS3. If your driver selects the correct answer:+ 5 points. Wrong answer: -5 points 4. Your TEAM DRIVERS get two wrong answers during the duration of game: CRASH and BURN: YOUR TEAM AUTOMATICALLY IS Disqualified (out for the rest of the race)
Round One (circle a car for each correct question answered-One point each):
R
Round Two (circle a car for each correct question answered-Two points each:
Rules: 1. Groups (“Pit Crews” play on their white boards each round (0ne point for each correct answer)2. Points are doubled for the final round. Photo finish round is worth 5 points2. We will go around the room starting to my far right. You can CHOOSE A DRIVER OR PASS3. If your driver selects the correct answer:+ 5 points. Wrong answer: -5 points 4. Your TEAM DRIVERS get two wrong answers during the duration of game: CRASH and BURN: YOUR TEAM AUTOMATICALLY IS Disqualified (out for the rest of the race)
Round One (circle a car for each correct question answered-One point each):
R
Round Two (circle a car for each correct question answered-Two points each:
The Econ Final 500Kirby-CHS
1 2 3 4 5 6 7 89 10 11 12 13 14 15
16 17 18 19 20
Driver ScoreCorrect answer: +5 (circle)
Wrong answer: -5 (Mark an X on ”Crash” and “Burn”) Two Xs and
Your team is disqualified CRASH BURN
Welcome to the Econ Final 500
Welcome to the Econ Final 500
Complete Three Races to Win the “Golden Plunger”
Qualifying LapAtlanta Motor Speedway
Indianapolis 500Econ Final 500
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Click here to begin.
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b. Natural Resources
a. Capital Resources
1. All the things in nature that can be used to produce goods & services are called:
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2. Economists use the circular flow model to show:
a. How resources, products and money payments are exchanged in the U.S.
b. How decisions are made by buyers and sellers in the market
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3. Which of the following is NOT one of the basic economic questions?
b. For whom shall goods be produced
a. Where shall goods be produced
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a. What is given up when a choice is made
b. The price of goods and services
4. Opportunity cost is defined by economists as
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b. Down
a. Up
5. When Price Goes up, supply goes:
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a. Related Goods
b. Resource Cost
6. The “R” in R-A-T-N-E-S-T stands for
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7. When the price of hot dogs goes up the:
b. The D for hot dog buns goes down
a. QD of hot dog buns goes up
Pick the right pit stop to win the race.Pick the right pit stop to win the race.
8. Jeans, toothpaste and batteries are examples of this type of market structure:
a. Perfect Competition
b. Monopolistic Competition
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a. The last item consumed is less satisfying than the previous one. b. As the price goes up; you will be less satisfied
9. According to the "law of diminishing marginal utility“:
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a. Left
b. Right
10. A new football league would move the supply curve(more football games) to the:
Congratulations! You’ve Completed the First Race!
Click here to go to your next race to win the Academic Cup.
Pick the right pit stop to win the race.Pick the right pit stop to win the race.
a. The technology of production improved
b. Resources used in production became more costly
11. The supply curve would shift to the right if:
Pick the right pit stop to win the race.Pick the right pit stop to win the race.
12. An increase in the tastes & preferences for Snickers will:
a. Increase demand, increase price, increase quantity
b. Increase demand, decrease price, increase quantity
Pick the right pit stop to win the race.Pick the right pit stop to win the race.
13. A certificate of ownership in a corporation is called:
a. Bond
b. Stock
Pick the right pit stop to win the race.Pick the right pit stop to win the race.
a. Perfect Competition
b. Pure Monopoly
14. Which market structure has the least control over prices?
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a. Fiscal Policy
b. Monetary Policy
15. Managing the economy by decreasing government spending & increasing taxes ("G"&"T") is an example of:
Pick the right pit stop to win the race.Pick the right pit stop to win the race.Qualifying Lap
Econ Final 500
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a. Control imports and exports
b. Regulate the economy
16. The federal government uses fiscal & monetary policy to:
Econ Final 500Points are Doubled! “Pit Crew” scores
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ANSWER: b. Regulate the economy
16. The federal government uses fiscal & monetary policy to:
Econ Final 500Points are Doubled! “Pit Crew” scores
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a. Charge interest on loans
b. Give loans to people
Econ Final 500Points are Doubled! “Pit Crew” scores
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17. Banks create money when they:
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Answer: b. Give loans to people
Econ Final 500Points are Doubled! “Pit Crew” scores
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17. Banks create money when they:
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a. A “Tight Money” Policy
b. An “Easy Money” Policy
Econ Final 500Points are Doubled! “Pit Crew” scores
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18. To stimulate the economy during a recession, the Fed would likely adopt a(an):
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Answer: b. An “Easy Money” Policy
Econ Final 500Points are Doubled! “Pit Crew” scores
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18. To stimulate the economy during a recession, the Fed would likely adopt a(an):
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a. Cost-Push Theory
b. Demand-Pull Theory
Econ Final 500Points are Doubled! “Pit Crew” scores
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19. Inflation that results from an increase in labor cost is called:
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Answer: a. Cost-Push Theory
Econ Final 500Points are Doubled! “Pit Crew” scores
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19. Inflation that results from an increase in labor cost is called:
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a. CPI
b. GDP
Econ Final 500Points are Doubled! “Pit Crew” scores
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20. A market basket of 364 items that consumers buy that economists use to track inflation is:
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Answer: a. CPI
Econ Final 500Points are Doubled! “Pit Crew” scores
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20. A market basket of 364 items that consumers buy that economists use to track inflation is: