Test Info







Timed test – 50 minutes
45 points
Almost 40 multiple choice questions
Choose TWO of three writing prompts
Open note test – multiple versions
Have packets complete beforehand
Bring all of your material on Econ
Focus writing #11 – 5/25

What will you do to prepare for the test?
Economics
Jeopardy!
Jeopardy Rules






Form groups of 4-5 students
Need one volunteer
Questions go in order around the room
If group misses, others can try to steal – first to
raise hand (can lose points this way)
Highest total points gets candy
Use your notes and handouts
Categories





Economic Basics – easiest questions – mainly
from Intro to Economic Notes
Production Possibilities Frontier and Trade –
includes definitions of trade terms
Economic Systems – capitalism, communism, etc.
Bad Situations – Ireland and Andersonville
U.S. Trade Policy – from the two reading packets
Econ
Basics
Econ
Systems
Bad
Situations
Trade
Policy
100
PPF and
Trade
200
200
200
200
200
400
400
400
400
300
600
600
600
600
400
800
800
800
800
500
1000
1000
1000
1000
Econ Basics Question- 100

The study of how societies use scarce resources.
ANSWER
Basic Economics Answer- 100

What is economics?
BACK
TO THE
BOARD
Econ Basics Question- 200

These are the three basic questions of
economics.
ANSWER
Basic Economics Answer- 200

What to make, how to make it, who to make it
for
BACK
TO THE
BOARD
Basic Economics Question- 300

Unlimited wants and needs, limited resources
ANSWER
Basic Economics Answer- 300

What causes scarcity?
BACK
TO THE
BOARD
Basic Economics Question- 400

What happens to demand for flip-flops during
spring/summer?
ANSWER
Basic Economics Answer- 400

It shifts outward due to changing consumer
preferences.
BACK
TO THE
BOARD
Basic Economics Question- 500

What is the opportunity cost of any decision
ANSWER
Basic Economics Answer- 500

What is the next best alternative?
BACK
TO THE
BOARD
PPF and Trade Question- 200

A PPF curve represents the tradeoff between
how many goods or services?
ANSWER
PPF and Trade Answer- 200

Two goods or services
BACK
TO THE
BOARD
PPF and Trade Question- 400

What does it mean to have absolute advantage
in trade?
ANSWER
PPF and Trade Answer- 400

One country can produce more of a good using
the same amount of resources
BACK
TO THE
BOARD
PPF and Trade Question- 600

Why do countries trade?
ANSWER
PPF and Trade Answer- 600

Because each nation can benefit OR because of
comparative advantage OR because one country
has something the others want
BACK
TO THE
BOARD
PPF and Trade Question- 800

Using division of labor and specialization leads
to what outcome?
ANSWER
PPF and Trade Answer- 800

What are increases in economic output from
efficiency gains?
BACK
TO THE
BOARD
PPF and Trade Question- 1000

What is comparative advantage?
ANSWER
PPF and Trade Answer- 1000
The principle in which total output will increase
if nations specialize in the activities for which
their advantages are largest
OR
 The ability to produce a good at a lower
opportunity cost than a trading partner.

BACK
TO THE
BOARD
Economic Systems Question- 200

Which economic system has the most
government control?
ANSWER
Economic Systems Answer- 200

What is communism or a command economy
BACK
TO THE
BOARD
Economic Systems Question- 400

Which economic system is controlled by supply
and demand and the invisible hand?
ANSWER
Economic Systems Answer- 400

What is capitalism?
BACK
TO THE
BOARD
Economic Systems Question – 600

Which system has the most unequal distribution
of wealth and power?
ANSWER
Economic Systems Answer- 600

What is feudalism?
BACK
TO THE
BOARD
Economic Systems Question- 800

What was the outcome of the combination of
capitalism and democracy?
ANSWER
Economic Systems Answer- 800

The average income of people living in
countries with those systems went up
dramatically (starting in about 1500).
BACK
TO THE
BOARD
Economic Systems Question- 1000

What was the pattern of economic equality in
the United States over the last 200 years?
Identify the four time periods and the overall
pattern for each.
ANSWER
Economic Systems Answer- 1000

It started off equal, became unequal around
1855 (railroads), became more equal again in
1930’s because of Great Depression, and more
unequal again since 1980.
BACK
TO THE
BOARD
Bad Situations Question- 200

Was the sanitation problem at Andersonville
Prison an example of an economic want or
need?
ANSWER
Bad Situations Answer- 200

What is a human need?
BACK
TO THE
BOARD
Bad Situations Question- 400

What two economic systems were used, and by
whom, at Andersonville prison?
ANSWER
Bad Situations Answer- 400

Command system by the guards, capitalism by
the prisoners
BACK
TO THE
BOARD
Bad Situations Question- 600

What economic system best describes the
situation in Ireland in 1848?
ANSWER
Bad Situations Answer- 600

What is Feudalism?
BACK
TO THE
BOARD
Bad Situations Question- 800

What political system best describes England in
1848?
ANSWER
Bad Situations Answer- 800

What is democracy OR constitutional
monarchy?
BACK
TO THE
BOARD
Bad Situations Question- 1000

Why did 1 million people die in Ireland? Identify
at least two contributing factors.
ANSWER
Bad Situations Answer- 1000

There was a potato famine AND the
landowners continued to export food from
Ireland AND the government did nothing to
help the tenant farmer.
BACK
TO THE
BOARD
Trade Policy Question- 200

Has the United States run a trade deficit or
surplus since 1980?
ANSWER
Trade Policy Answer- 200

What is a deficit? Since 1980 imports have
grown much faster than exports.
BACK
TO THE
BOARD
Trade Policy Question- 400

How do cotton subsidies benefit U.S. farmers?
ANSWER
Trade Policy Answer- 400

U.S. farmers can sell their products at a lower
price and still make a profit.
BACK
TO THE
BOARD
Trade Policy Question- 600

What is an argument in favor of free trade?
ANSWER
Trade Policy Answer- 600

Trade increases average incomes OR democracy
seems to follow trade OR poorer areas tend to
catch up and jobs move there
BACK
TO THE
BOARD
Trade Policy Question- 800

What types of jobs are most commonly
outsourced?
ANSWER
Trade Policy Answer- 800

What are manufacturing jobs and service jobs
like working in call centers?
BACK
TO THE
BOARD
Trade Policy Question- 1000

What are the names of the four “tiger”
economies in East Asia that did so well in the
1980’s and 1990’s?
ANSWER
Trade Policy Answer- 1000

What are Hong Kong, Singapore, Taiwan, and
South Korea?
BACK
TO THE
BOARD