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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
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$100 Market Structures
Which is not a legal monopoly?
•Resource monopolies•Government-created monopolies•Competitive monopolies•Natural monopolies
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$100 Answer for Market Structures
• Resource monopolies• Government-created monopolies• Competitive monopolies• Natural monopolies
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$200 Market Structures
Many producers supply similar but
varied products
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$200 Answer for Market Structures
Monopolistic Competition
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$300 Market Structures
Few firms dominate the market and produce similar
goods
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$300 Answer for Market Structures
Oligopoly
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$400 Market Structures
Many producers supply an identical product and no
control over prices
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$400 Answer for Market Structures
Perfect Competition
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$500 Market Structures
Which of these is a public good?
maids cell phones
police banks
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$500 Answer for Market Structures
maids cell phones police banks
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$100 Types of Businesses
With which form of business is most closely associated with limited risk/liability?
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$100 Answer for Types of Businesses
Corporations
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$200 Types of Businesses
One owner, keeps all profits, makes all decisions
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$200 Answer for Types of Businesses
Sole Proprietorship
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$300 Types of Businesses
Two or more people, shared decision making,
easy to start
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$300 Answer for Types of Businesses
Partnership
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$400 Types of Businesses
A person who takes a risk of starting a business or
creates a product is called an …
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$400 Answer for Types of Businesses
Entrepreneur
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$500 Types of Businesses
Ownership in a corporation is
called?
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$500 Answer for Types of Businesses
Shares of stock
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$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
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$100 Answer for Unemployment
person seeking their first job person who have retired person between jobs person laid off during recessions
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$200 Unemployment
A type of unemployment that results from a period of decline in the business
cycle
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$200 Answer for Unemployment
Cyclical
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$300 Unemployment
A type of unemployment that results when workers are seeking their first job
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$300 Answer for Unemployment
Frictional
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$400 Unemployment
A mismatch between job seekers and job openings. Job seekers may lack skills
or education.
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$400 Answer for Unemployment
Structural
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$500 Unemployment
People who work at Busch Gardens lose their
jobs in winter months.
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$500 Answer for Unemployment
Seasonal
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$100 Measuring the Economy
What is the CPI used to measure?
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$100 Answer for Measuring the Economy
Inflation
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$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
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$200 Answer for Measuring the Economy
Real GDPGross Domestic Product
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$300 Measuring the Economy
A rise in the price of goods and services (inflation)
caused by an increase in overall demand
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$300 Answer for Measuring the Economy
Demand pull
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$400 Measuring the Economy
A nation’s real GDP divided by its population.
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$400 Answer for Measuring the Economy
Per Capita GDP
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$500 Measuring the Economy
A rise in price of goods and services caused by increases in
the cost of the factors of production.
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$500 Answer for Measuring the Economy
Cost push
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$100 Other Junk
The current value of a country’s output including
the cost of inflation.
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$100 Answer for Other Junk
Nominal GDP
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$200 Other Junk
The phase of the business cycle in which economic
activity is in decline.
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$200 Answer for Other Junk
Contraction
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$300 Other Junk
During an expansion in the economy, what likely happens to unemployment?
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$300 Answer for Other Junk
Decreases
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$400 Other Junk
Goods and services produced in other countries and sold in
the U.S.
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$400 Answer for Other Junk
Imports
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$500 Other Junk
Mr. Knoche buys a bag of Doritos. In what part of GDP is this
included?
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$500 Answer for Other Junk
CHousehold Consumption
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Final Jeopardy
A decline in economic activity over a period
of at least six months is called?
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Final Jeopardy Answer
Recession