Jeopardy $100 FEDGOVTAXI RecallI Money $200 $300 $400 $500 $400 $300 $200 $100 $500 $400 $300 $200...
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Transcript of Jeopardy $100 FEDGOVTAXI RecallI Money $200 $300 $400 $500 $400 $300 $200 $100 $500 $400 $300 $200...
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JeopardyJeopardy
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Final JeopardyFinal Jeopardy
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1 - $1001 - $100
This group is in charge of Monetary Policy.This group is in charge of Monetary Policy.
The Federal Reserve Bank AKA “The Fed”The Federal Reserve Bank AKA “The Fed”
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1 - $2001 - $200
What is the main goal of the Federal What is the main goal of the Federal Reserve in its Monetary Policy?Reserve in its Monetary Policy?
Prevent/Limit inflation or recessionPrevent/Limit inflation or recession
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1 - $3001 - $300
The Federal Reserve increases or The Federal Reserve increases or decreases the money supply when they decreases the money supply when they buy/sell government bonds. This is called buy/sell government bonds. This is called _____._____.
Open Market OperationsOpen Market Operations
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1 - $4001 - $400
To encourage or discourage borrowing, the To encourage or discourage borrowing, the FED adjusts the _____.FED adjusts the _____.
Discount RateDiscount Rate
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If the Federal Reserve wants to reduce the If the Federal Reserve wants to reduce the nation’s money supply, they could _______ nation’s money supply, they could _______ the discount rate and reserve the discount rate and reserve requirementsrequirements
IncreaseIncrease
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2 - $1002 - $100
Fiscal Policy is concerned with _____ and Fiscal Policy is concerned with _____ and _____._____.
Government spending and taxationGovernment spending and taxation
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2 - $2002 - $200
If the federal government wanted to make If the federal government wanted to make a “loose money” policy during a recession, a “loose money” policy during a recession, they could _____ taxesthey could _____ taxes
decreasedecrease
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2 - $3002 - $300
If the federal government wanted to make If the federal government wanted to make a “loose money” policy during a recession a “loose money” policy during a recession they could _____ government spending.they could _____ government spending.
Increase Increase
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2 - $4002 - $400
If the federal government wanted to make If the federal government wanted to make a “tight money” policy during inflation, a “tight money” policy during inflation, they could _____ taxes.they could _____ taxes.
increaseincrease
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2 - $5002 - $500
The main goal of the federal government The main goal of the federal government in its fiscal policy is to ______in its fiscal policy is to ______
Prevent/limit inflation and recessionPrevent/limit inflation and recession
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3 - $1003 - $100
Rich people pay a higher percentage Rich people pay a higher percentage (hurts rich)(hurts rich)
ProgressiveProgressive
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3 - $2003 - $200
Everyone pays the same percentage of tax Everyone pays the same percentage of tax (flat tax) like Social Security Tax(flat tax) like Social Security Tax
ProportionalProportional
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3 - $3003 - $300
Sales Tax on food is considered to be the Sales Tax on food is considered to be the most ___________ form of tax (hurts the most ___________ form of tax (hurts the poor)poor)
RegressiveRegressive
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3 - $4003 - $400
If the unemployment rate is rising and the If the unemployment rate is rising and the GDP is falling, the federal government GDP is falling, the federal government would MOST LIKELY _______ taxes.would MOST LIKELY _______ taxes.
Decrease Decrease
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3 - $5003 - $500
If, in one year, the federal government If, in one year, the federal government takes in $50 billion dollars in taxes and takes in $50 billion dollars in taxes and spends $49 billion, the nation has a spends $49 billion, the nation has a ________________
Budget surplusBudget surplus
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4 - $1004 - $100
Alissa was laid off from her company Alissa was laid off from her company because of technological improvements because of technological improvements that made her job obsolete. Alissa is that made her job obsolete. Alissa is _________ unemployed._________ unemployed.
StructurallyStructurally
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4 - $2004 - $200
Macroeconomics focuses onMacroeconomics focuses on
An entire nationAn entire nation
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4 - $3004 - $300
This form of business is easiest to organizeThis form of business is easiest to organize
Sole proprietorshipSole proprietorship
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4 - $4004 - $400
Brad decided to give up his job as a chef Brad decided to give up his job as a chef and try to get a job as an actor. Until he and try to get a job as an actor. Until he finds a job as an actor, Brad is ______ finds a job as an actor, Brad is ______ unemployed.unemployed.
FrictionallyFrictionally
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4 - $5004 - $500
On the circular flow chart, where is the On the circular flow chart, where is the finished product bought and sold?finished product bought and sold?
Product MarketProduct Market
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5 - $1005 - $100
Using money to buy goods/servicesUsing money to buy goods/services
Medium of ExchangeMedium of Exchange
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5 - $2005 - $200
__________ is coin money and _________ is __________ is coin money and _________ is paper money.paper money.
SpecieSpecie FiatFiat
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5 - $3005 - $300
A Ferrari costs $100,000 and a Kia costs A Ferrari costs $100,000 and a Kia costs $30,000. The prices represent money as a $30,000. The prices represent money as a ______
Standard of valueStandard of value
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5 - $4005 - $400
If you sell your stock on Etrade you will If you sell your stock on Etrade you will have to pay a _________ tax.have to pay a _________ tax.
Capital GainsCapital Gains
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5 - $5005 - $500
______________ money is anything that has ______________ money is anything that has real value.real value.
CommodityCommodity
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Final JeopardyFinal Jeopardy
5 things help determine demand for a 5 things help determine demand for a product (determinants of demand). Name product (determinants of demand). Name them. - Divide your wager by 5 and them. - Divide your wager by 5 and each one is worth that value - each one is worth that value -
Price and available substitutes/complements (utility)Price and available substitutes/complements (utility) Number of consumersNumber of consumers Consumer ExpectationConsumer Expectation Consumer Tastes/PreferencesConsumer Tastes/Preferences Change in consumer incomeChange in consumer income