assignment 5: jeopardy (25 notes) mr. hernandez
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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)
$300
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)
$400
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)
$200
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)
$300
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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$500
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)
$100
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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$500
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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$200
Technology makes an
economy more _________ (pg.
59)
Technology makes an
economy more efficient.
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$300
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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