Economic Test JeopardyMarket

Structures Types of

Businesses Unemployment

Measuring the economy

Other Junk

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 Market Structures

Which is not a legal monopoly?

•Resource monopolies•Government-created monopolies•Competitive monopolies•Natural monopolies

$100 Answer for Market Structures

• Resource monopolies• Government-created monopolies• Competitive monopolies• Natural monopolies

$200 Market Structures

Many producers supply similar but

varied products

$200 Answer for Market Structures

Monopolistic Competition

$300 Market Structures

Few firms dominate the market and produce similar

goods

$300 Answer for Market Structures

Oligopoly

$400 Market Structures

Many producers supply an identical product and no

control over prices

$400 Answer for Market Structures

Perfect Competition

$500 Market Structures

Which of these is a public good?

maids cell phones

police banks

$500 Answer for Market Structures

maids cell phones police banks

$100 Types of Businesses

With which form of business is most closely associated with limited risk/liability?

$100 Answer for Types of Businesses

Corporations

$200 Types of Businesses

One owner, keeps all profits, makes all decisions

$200 Answer for Types of Businesses

Sole Proprietorship

$300 Types of Businesses

Two or more people, shared decision making,

easy to start

$300 Answer for Types of Businesses

Partnership

$400 Types of Businesses

A person who takes a risk of starting a business or

creates a product is called an …

$400 Answer for Types of Businesses

Entrepreneur

$500 Types of Businesses

Ownership in a corporation is

called?

$500 Answer for Types of Businesses

Shares of stock

$100 Unemployment

The unemployment rate does NOT include which of the following:

person seeking their first jobperson who have retiredperson between jobsperson laid off during recessions

$100 Answer for Unemployment

person seeking their first job person who have retired person between jobs person laid off during recessions

$200 Unemployment

A type of unemployment that results from a period of decline in the business

cycle

$200 Answer for Unemployment

Cyclical

$300 Unemployment

A type of unemployment that results when workers are seeking their first job

$300 Answer for Unemployment

Frictional

$400 Unemployment

A mismatch between job seekers and job openings. Job seekers may lack skills

or education.

$400 Answer for Unemployment

Structural

$500 Unemployment

 People who work at Busch Gardens lose their

jobs in winter months.

$500 Answer for Unemployment

Seasonal

$100 Measuring the Economy

What is the CPI used to measure?

$100 Answer for Measuring the Economy

Inflation

$200 Measuring the Economy

The market value of all final goods and services produced within a country

during a given period of timeadjusted for inflation

$200 Answer for Measuring the Economy

Real GDPGross Domestic Product

$300 Measuring the Economy

A rise in the price of goods and services (inflation)

caused by an increase in overall demand

$300 Answer for Measuring the Economy

Demand pull

$400 Measuring the Economy

A nation’s real GDP divided by its population.

$400 Answer for Measuring the Economy

Per Capita GDP

$500 Measuring the Economy

A rise in price of goods and services caused by increases in

the cost of the factors of production.

$500 Answer for Measuring the Economy

Cost push

$100 Other Junk

The current value of a country’s output including

the cost of inflation.

$100 Answer for Other Junk

Nominal GDP

$200 Other Junk

The phase of the business cycle in which economic

activity is in decline.

$200 Answer for Other Junk

Contraction

$300 Other Junk

During an expansion in the economy, what likely happens to unemployment?

$300 Answer for Other Junk

Decreases

$400 Other Junk

Goods and services produced in other countries and sold in

the U.S.

$400 Answer for Other Junk

Imports

$500 Other Junk

Mr. Knoche buys a bag of Doritos. In what part of GDP is this

included?

$500 Answer for Other Junk

CHousehold Consumption

Final Jeopardy

A decline in economic activity over a period

of at least six months is called?

Final Jeopardy Answer

Recession