Economics Review Jeopardy

Final 1 Final 2 Final 3 Final 4 Final 5

Q $100

Q $200

Q $300

Q $400

Q $500

Q $100 Q $100Q $100 Q $100

Q $200 Q $200 Q $200 Q $200

Q $300 Q $300 Q $300 Q $300

Q $400 Q $400 Q $400 Q $400

Q $500 Q $500 Q $500 Q $500

Final Jeopardy

$100 Question from Final 1

What is the value of the next best alternative that has to be given up for the action

that is chosen?

$100 Answer from Final 1

Opportunity Cost

$200 Question from Final 1

Businesses can make decisions about the best use of their resources by

analyzing what?

$200 Answer from Final 1

Production Possibilities

$300 Question from Final 1

What is a messenger service’s car an example

of?

$300 Answer from Final 1

Capital

$400 Question from Final 1

Adam Smith’s “invisible hand” refers to the role of

the _______.

$400 Answer from Final 1

Market

$500 Question from Final 1

What is the major characteristic of a pure

market economy?

$500 Answer from Final 1

Unrestricted Competition

$100 Question from Final 2

What does the term “equity” mean?

$100 Answer from Final 2

Fairness

$200 Question from Final 2

What is the term for the ability to start new

business and take risks?

$200 Answer from Final 2

Entrepreneur

$300 Question from Final 2

Which type of economy answers the three basic

economic questions according to customs?

$300 Answer from Final 2

Traditional Economies

$400 Question from Final 2

What type of economy does North Korea have?

$400 Answer from Final 2

Command Economy

$500 Question from Final 2

Generic products are those that _____________.

$500 Answer from Final 2

Have no brand name.

$100 Question from Final 3

What is a promise to repair or replace a faulty product?

$100 Answer from Final 3

Warranty

$200 Question from Final 3

According to the law of demand, higher prices prompt consumers to

___________.

$200 Answer from Final 3

Buy Less

$300 Question from Final 3

What type of advertising simply informs the consumer about the price of a product?

$300 Answer from Final 3

Informative Advertising

$400 Question from Final 3

What is the term for money that can be saved or spent

after paying for necessities?

$400 Answer from Final 3

Disposable Income

$500 Question from Final 3

What is the law setting the maximum interest rate?

$500 Answer from Final 3

Usury Law

$100 Question from Final 4

What is the term for a good that lasts a number of years?

$100 Answer from Final 4

Durable Good

$200 Question from Final 4

According to the law of demand, price and quantity demanded have a ______

relationship.

$200 Answer from Final 4

Opposite (inverse)

$300 Question from Final 4

Automobile liability insurance covers

____________ and ______________.

$300 Answer from Final 4

Bodily Injury andProperty Damage

$400 Question from Final 4

What is one advantage of purchasing a franchise?

$400 Answer from Final 4

Franchisers help set up and often provide training

$500 Question from Final 4

What is a limited partnership?

$500 Answer from Final 4

A partnership where one partner bears no

interest.

$100 Question from Final 5

Non-price competition is a characteristic of ________

and _____________.

$100 Answer from Final 5

Monopolistic Competition and Oligopoly

$200 Question from Final 5

What does market structure describe?

$200 Answer from Final 5

The amount of competition on the market

$300 Question from Final 5

Why was the Federal Reserve created?

$300 Answer from Final 5

To control the amount of money in circulation

$400 Question from Final 5

What is representative money?

$400 Answer from Final 5

Money that is backed by a valuable item, such as gold

$500 Question from Final 5

Name an example of antitrust legislation.

$500 Answer from Final 5

Clayton Act

Final Jeopardy

Loose money policy leads to an increase in what?

Final Jeopardy Answer

Inflation