Assignment 5: Jeopardy (25 notes)

Mr. Hernandez

Intro to Economics

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_____ is the struggle among producers for a consumer’s business. (pg. 31)

$100

Competition is the struggle among producers for a

consumer’s business.

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Why does even a free market need

gov. intervention? (pg. 40-41)

$200

Why does even a free market need gov.

intervention?

Because gov. provides thing the market wouldn’t

have. Back to

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What are the three economic

questions? (pg. 23-24)

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What are the three economic questions?

What to make, how to make it, and who gets

it.Back

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What type of economy is China?

(pg. 43)

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What type of economy is China?

Mixed, but on the side of centrally

planned.Back

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What incentive motivates a

manufacturer to sell a product? (pg. 30-31)

$500

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What incentive motivates a

manufacturer to sell a product?

profit

Who was the free market philosopher that

was the OG of economics? (pg. 33)

$100

Who was the free market philosopher that was the OG of

economics?

Adam SmithBack

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A ____ _____ economy is one in which the gov.

makes all the decisions. (pg. 27)

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A centrally planned economy is one in

which the gov. makes all the

decisions.

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Who was the man who introduced

communism to the Soviet Union? (pg.

36)

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Who was the man who introduced

communism to the Soviet Union?

Vladimir Lenin

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$400

A person who believes in laissez

faire believes the gov. should be more/less

involved in the economy? (pg. 41)

A person who believes in laissez faire believes the

gov. should be less involved in the

economy?Back

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What is an example of a

safety net that the gov provides for people? (pg. 26)

What is an example of a safety net that the gov provides for people?

unemployment

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______ is the idea that democratic means should be used to distribute wealth evenly. (pg. 35)

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Socialism is the idea that democratic

means should be used to distribute

wealth evenly.

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A gov. that prints posters encouraging

workers to work increase productivity is

likely what type of economy?

A gov. that prints posters encouraging

workers to work increase productivity is

likely what type of economy?

Centrally planned Back to

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$300

What is hard to achieve in a free

market system (pg. 32) :

Efficiency, equality, freedom, or growth?

What is hard to achieve in a free market system:

equality

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$400

If I am living on an island somewhere and I’m

going to be a hunter like my dad, what type of economy am I part of

(pg. 27)?

If I am living on an island somewhere and I’m going

to be a hunter like my dad, what type of

economy am I part of?

traditional

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The one good thing about a

centrally planned economy is that

most people have ____.

The one good thing about a centrally

planned economy is that most people

have jobs.

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$100

_____ ______ laws make businesses disclose

information to the public to make buyers more knowledgeable and

safe.

Public disclosure laws make businesses

disclose information to the public to make

buyers more knowledgeable and

safe.Back

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$200

When an economy is in transition, it means

it is moving from a ______ economy to a ________ economy.

When an economy is in transition, it

means it is moving from a centrally

planned economy to a free market

economy. Back to

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$300

What is the difference between a business cycle and day-to-day ups and downs in the

market?

What is the difference between a business

cycle and day-to-day ups and downs in the

market?

Business cycles are prolonged (long term)

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$400

Tell me an example of a public good.

Tell me an example of a public good.

Library, freeway… Back

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$500

What does Social Security do?

What does Social Security do?

Provides benefits to the elderly

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$100

A ____ ____ is someone who uses a service they don’t

pay for (pg. 63).

A free rider is someone who uses a service they don’t pay

for.Back

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Technology makes an

economy more _________ (pg.

59)

Technology makes an

economy more efficient.

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What rights does the US Constitution give people in relation to business (pg. 52)?

What rights does the US Constitution give people in relation to business?

Private property, limits on taxes, and right to

make contracts.

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$400

Why does the government give

patents and copyrights (pg.

60)?

Why does the government give

patents and copyrights?

To encourage innovation. Back

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$500

Mr. Robinson plays music that you hate in

Econ. The music is an example of a

_______ externality (pg. 65).

Mr. Robinson plays music that you hate in Econ. The music is an example of a negative

externality.

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