Econ QuizzoEcon Quizzo

SS 8SS 8

December 15, 2014December 15, 2014

Round 1Round 11.1. In this economy, the economic questions In this economy, the economic questions

are answered by trading.are answered by trading.

2.2. In this economy, the government answers In this economy, the government answers the economic questions.the economic questions.

3.3. What are the 4 parts of demand?What are the 4 parts of demand?

4.4. Patrick wants to buy a gift for his girlfriend Patrick wants to buy a gift for his girlfriend Lady Gaga. He can buy a Tiffany diamond Lady Gaga. He can buy a Tiffany diamond necklace for her or a Panera sandwich. necklace for her or a Panera sandwich. What is his opportunity cost if he buys the What is his opportunity cost if he buys the sandwich?sandwich?

5.5. A PS4 would be an example of a ____ good.A PS4 would be an example of a ____ good.

Answers – Round 1Answers – Round 11.1. TraditionalTraditional

2.2. Command Command

3.3. Amount, Willing to Buy, Able to Buy, Amount, Willing to Buy, Able to Buy, Price Price

4.4. Not buying the Tiffany necklaceNot buying the Tiffany necklace

5.5. PrivatePrivate

Round 2Round 21.1. In this economy, business owners make all of the In this economy, business owners make all of the

decisions.decisions.

2.2. Company A is offering $75 for every $36 invested. Company A is offering $75 for every $36 invested. Company B is offering $114 for every $57 invested. Company B is offering $114 for every $57 invested. Company C is offering $1,000 for every $675 Company C is offering $1,000 for every $675 invested. Which company should I go with? invested. Which company should I go with?

3.3. A firehouse is an example of what type of good.A firehouse is an example of what type of good.

4.4. When a business makes more money than it spends, When a business makes more money than it spends, this is a result.this is a result.

5.5. In this system, a company has permission In this system, a company has permission from the “parent company” to sell a certain from the “parent company” to sell a certain good or service in a particular area for a sum good or service in a particular area for a sum of money.of money.

Answers – Round 2Answers – Round 2

1.1. MarketMarket

2.2. Company ACompany A

3.3. PublicPublic

4.4. ProfitProfit

5.5. FranchiseFranchise

Calculate GDP – Round 3Calculate GDP – Round 3Country A 40,000 @

$218 each1,189 @ $187each

10,746 @ $42 each

40,948

Country B 98,420 @ $189 each

15,054 @ $97 each

167,147 @ $56 each

162,072

Country C 44,805 @ $107 each

7,483 @ $148 each

42,809 @ $51 each

90,711

Country D 168,112 @ $120 each

7, 010 @ $97 each

55,565 @ $75 each

2,000,047

Country E 50 @ $112 each

23, 281 @ $101 each

217, 594 @ $37 each

128,614

Country F 18,000 @ $110 each

15,704 @ $89 each

157,153 @ $48 each

338,917

Country G 25,000 @$168 each

17,798 @ $109 each

108,647 @ $20 each

980,742

Country H 100 @ $75 each

20,748 @ $112 each

200,700 @ $35 each

1,328,000

Country I 5,187 @ $45 each

7,021 @$104 each

4,198 @$90 each

56,923

Country J 2,789 @$67 each

9,156 @ $84 each

2,345 @$12 each

93,428

Round 3Round 3

1.1. Which country had the highest GDP?Which country had the highest GDP?

2.2. Which country had the lowest GDP per Which country had the lowest GDP per capita?capita?

3.3. Which country had the lowest GDP?Which country had the lowest GDP?

4.4. Which country had the highest GDP per Which country had the highest GDP per capita?capita?

5.5. In which type of business is it easier to In which type of business is it easier to get money (ex. a loan) from the bank? get money (ex. a loan) from the bank?

Answers – Round 3Answers – Round 3

1.1. BB

2.2. HH

3.3. JJ

4.4. AA

5.5. CorporationCorporation

Round 4Round 4

1.1. Only ______ goods are counted towards Only ______ goods are counted towards GDP.GDP.

2.2. In this business system, I have no In this business system, I have no liability as a business owner/leader.liability as a business owner/leader.

3.3. What are the 3 types of resources?What are the 3 types of resources?4.4. These are costs that NEVER change for These are costs that NEVER change for

a business.a business.5.5. Legal responsibility for something such Legal responsibility for something such

as an action or a debt. What is this?as an action or a debt. What is this?

Answers – Round 4Answers – Round 4

1.1. FinalFinal

2.2. CorporationCorporation

3.3. Natural, Labor, CapitalNatural, Labor, Capital

4.4. FixedFixed

5.5. Liability Liability

Round 5Round 51.1. An item that is consumed by 1 person is defined An item that is consumed by 1 person is defined

as…as…2.2. What could go at letter A on the chart?What could go at letter A on the chart?

3.3. ““We have unlimited wants but there is a limit of We have unlimited wants but there is a limit of resources available to meet these wants.” Which resources available to meet these wants.” Which term best describes the main idea of this sentence? term best describes the main idea of this sentence?

4.4. Miles Allen runs a store that sells Barack Obama Miles Allen runs a store that sells Barack Obama bobble head dolls. It cost him $1.78 to make each bobble head dolls. It cost him $1.78 to make each one and he sells them for $5.25. What is his one and he sells them for $5.25. What is his revenue and his profit?revenue and his profit?

A

Answers – Round 5Answers – Round 5

1.1. Private GoodPrivate Good

2.2. MoneyMoney

3.3. scarcityscarcity

4.4. $5.25/$3.47$5.25/$3.47

Round 6Round 61.1. At what hour would the At what hour would the

store lose money?store lose money?

2.2. What does MR mean?What does MR mean?

3.3. At what hour does the At what hour does the store reach equilibrium?store reach equilibrium?

4.4. Only ______ goods are Only ______ goods are counted towards GDP.counted towards GDP.

5.5. The rise and fall of The rise and fall of businesses is called businesses is called _______________ by _______________ by economist.economist.

Answers – Round 6Answers – Round 6

1.1. 66

2.2. Marginal RevenueMarginal Revenue

3.3. 55

4.4. FinalFinal

5.5. Business CycleBusiness Cycle

Round 7Round 7

1.1. The government will do this when there The government will do this when there is an unsafe product on the market.is an unsafe product on the market.

2.2. Legal responsibility for something such Legal responsibility for something such as an action or a debt. What is this?as an action or a debt. What is this?

3.3. Laissez-faire means what in economics?Laissez-faire means what in economics?

4.4. Define equilibrium price.Define equilibrium price.

5.5. I bought a cupcake for .36 and sold it for I bought a cupcake for .36 and sold it for $1.59. What is my profit?$1.59. What is my profit?

Round 7 AnswersRound 7 Answers

1.1. RecallRecall

2.2. Liability Liability

3.3. Hands-off from governmentHands-off from government

4.4. When there is neither a profit or a When there is neither a profit or a loss of moneyloss of money

5.5. $1.23$1.23