Exam 1 Trivia

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Exam 1 Trivia
2
Rules

• No computers, books or notes
• No talking out of turn minus 1 point for each
  offense
• Four teams
• Pick a number between 1 and 10. Team with
  closest goes first. Clockwise from there.
• 7
• No talking out of turn.
• 1 point per correct answer. If you miss an
  answer, next team can answer for ½ point.
  However, they lose ½ point if they miss the
  answer.
• Winner gets 3 Extra Credit Points on tomorrows
  exam.

3
Value of the next best alternative given up for
the alternative that was chosen

• Opportunity cost

4
Economic goal that seeks to reduce extreme ups
and downs in the standard of living

• Economic Stability

5
Anything owned by individuals rather than the
government

• Private property

6
Government controls the factors of production in
this type of system.

• Command

7
Phrase Adam Smith used to describe the force that
drives individuals to positively contribute to
the economy when looking out for their own best
interests

• Invisible Hand

8
Money left after the factors of production have
been paid

• profit

9
Rivalry among producers or sellers of similar
goods and services to win more business

• Competition

10
What are the four factors of production?

• Land, labor, entrepreneurship, and capital

11
The study of how individuals and societies make
choices about ways to use scarce resources to
fulfill their needs and wants.

• Economics

12
Considered to be the 5th factor of production by
some economists

• Technology

13
Another name for capitalism

• Free enterprise system / market economy

14
What factor of production would a combine be
considered in a farming operation?

• capital

15
Individuals own the factors of production in this
type of economic system.

• Market economy

16
The maximum combination of goods and services
that can be produced from a fixed amount of
resources in a given period of time

• Production Possibilities

17
Things are done the same way theyve always been
done in this system

• Traditional

18
How many computers are given up for the
production of one printer in the below graph?
16
14
12
10
Printers
8
6
4
2
2
3
4
5
6
7
8
9
10
12
1
Computers

• .5

19
What are the three basic questions in economic
systems?

• What should be produced?
• How should it be produced?
• For whom should it be produced?

20
Economic goal that seeks to use available
resources wisely so that costs do not exceed
benefits

• Economic Efficiency

21
French term meaning let people do as they
choose

• Laissez-faire

22
The way that a country uses its resources to
satisfy its citizens needs and wants.

• Economic System

23
Manufactured goods used to make other goods and
services

• capital

24
What is the basic economic problem?

• scarcity

25
Name at least 3 of the goals of a nation

• Economic Efficiency
• Economic Equity
• Economic Security
• Economic Stability
• Economic Growth

26
System exhibiting characteristics of more than
one type of system

• Mixed Economy

27
Expansion of the economy to produce more goods,
jobs, and wealth

• Economic Growth

28
Sacrificing one good or service to purchase or
produce another

• Trade-off

29
The material well-being of an individual, group,
or nation measured by how well their necessities
and luxuries are satisfied

• Standard of living

30
Ability of risk-taking individuals to develop new
products and start new businesses in order to
make profits

• Entrepreneurship

31
TANSTAAFL

• There aint no such thing as a free lunch

32
Economic goal providing protection against risks
beyond our control

• Economic Security

33
Economic idea that allows 1 to produce much more
than that in economic activity through spending

• Circular Flow of economic activity

34
Economic goal attempting to balance an economic
policy so that everyone benefits fairly

• Economic Equity

35
Freely chosen activity between buyers and sellers
of goods and services

• Market

36
Desire to make money

• Profit incentive

37
What is the following model called by economists?
38
Next question is Final Jeopardy

• Can bet up to 5 points or your teams max points.

39
What organizations dealing with mortgages did the
federal government just take over? What primary
economic goal did this address?

• Fannie Mae and Freddie Mac
• stability