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Jeopardy Economics Knowledge Quiz

Test your economic knowledge with this Jeopardy-style quiz that covers topics such as GDP, demand and supply, employment, and economic theories. Answer questions to earn points and challenge yourself to become an economics expert!

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Jeopardy Economics Knowledge Quiz

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Presentation Transcript

  1. Jeopardy! Begin

  2. GDP AD/AD Graphs Employment Key terms Economics $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500

  3. - $100What is market value of all officially recognized final goods and services produced within a country in a year, or other given period of time? C1-$100 GDP

  4. - $200 What is the equation for GDP? C1-$200 GDP= G+C+I+Xn

  5. - $300 If a Farmer buys a used tractor for his farm, would the purchase of the tractor be included on the year’s GDP? C1-$300 No, Only new products are included in the GDP

  6. - $400 How is real GDP calculated? C1-$400 Real GDP is calculated by adding all final good and then dividing by CPI. Unlike the nominal GDP, real GDP takes into account inflation.

  7. - $500 Define CPI and how is it connected to GDP? CPI is measures changes in the price level of a market basket of consumer goods and services purchased by households. We use CPI in order to calculate inflation and real GDP. C1-$500

  8. - $100 What are the shifters of demand? C2-$100 The shifters of demand are Change in the price, Technology, Number of sellers, Future price expectations, Prices of related goods, and Government restrictions.

  9. - $200 What is the law of demand? C2-$200 As the price of a product increases, quantity demanded lowers. Which means they are inversely proportional.

  10. - $300 What is the law of supply? C2-$300 An increase in price results in a increase in quantity. In other words they are directly proportional.

  11. - $400 What is the difference between aggregate demand/supply and demand/supply? C2-$400 Aggregate takes into account all goods in an economy.

  12. - $500 What is the difference between Concave and convex on an graph? C2-$500 Concave is a surface that is curved inward in the middle and convex is a surface that is curved outward.

  13. - $100 What is point b? C3-$100 Point b represents full employment.

  14. - $200 What is the difference between SR and LR? C3-$200 Short run is curve and Long run is linear.

  15. - $300 An increase in technology would shift a production possibility curve in what direction? C3-$300 This would shift the graph to the right.

  16. - $400 What causes movement along a demand graph? C3-$400 What causes movement along the graph is A movement along the demand curve is caused by a change in price of the good or service.

  17. - $500 What causes equilibrium and unemployment? Equilibrium is when all resources are being used efficiently. Unemployment is when there is not enough work. C3-$500

  18. - $100 What is unemployment? number of unemployed: the number of people who are unemployed in an area, often given as a percentage of the total labor force C4-$100

  19. - $200 What are the different types of unemployment? C3-200 Cyclical Unemployment, Frictional Unemployment, and Structural Unemployment

  20. - $300 What is stagflation? Stagflation, stagnation and inflation, is a term used in economics to describe a situation where an inflation rate is high, the economic growth rate slows down, and unemployment remains steadily high. C3-$300

  21. - $400 Describe the circular flow model? In economics, the terms circular flow of income or circular flow refer to a simple economic model which describes the reciprocal circulation of income between producers and consumers. C3-$400

  22. - $500 What counts as unemployment? People not looking for a job don’t count as Unemployed. Neither do people moving from job to job. Only people that have been out of the job for 3 months count. C3-$500

  23. - $100 What are normal goods? C4-$100 In economics, normal goods are any goods for which demand increases.

  24. - $200 What is ppc/ppf? C4-$200 Trade-offs facing an economy that produces only two goods.

  25. - $300 What is a GDP deflator? C4-$300 For a given year is 100 times the ratio of nominal GDP to real GDP in that year?

  26. - $400 What is scarcity? C4-$400 Scarcity is the fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.

  27. - $500 What are intermidiate Goods? C4-$500 Goods and services brought from one firm by another firm to be used as inputs into productions.

  28. - $100 Explain the difference between Macro and micro economies? C4-$100 Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. Microeconomics are is a branch of economics that studies the behavior of individual households and firms in making decisions on the allocation of limited resources.

  29. - $200 What are supply side Economics? C4-$200 Supply-side economics is a school of macroeconomics that argues that economic growth can be most effectively created by lowering barriers for people to produce (supply) goods and services,

  30. - $300 Name the two type of economic theories? C4-$300 The two types of economic theories are the classical and Keynesian.

  31. - $400 What is closed economy? An economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out. The goal is to provide consumers with everything that they need from within the economy's borders. C4-$400

  32. - $500 Explain the difference between Command and market economy? C4-$500 A command economy is where the government control the economy and a market is where the market is free. The U.S. is a market and China is a command.

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