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