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Who Wants to Be a Millionaire?

Test your knowledge on economic systems, price determination, resource specialization, trade barriers, and more.

eherbert
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Who Wants to Be a Millionaire?

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  1. Who Wants to Be a Millionaire?

  2. 100 Dollar Question In what type of economic system does the government own the resources and control economic activity? A. feudalism C. command B. Free-market D. traditional

  3. 300 Dollar Question In a market economy, what determines the price of goods and services? A. Government officials C. Raw materials and human resources B. Supply and demand D. International trade organizations

  4. 500 Dollar Question When making economic decisions, three questions about production and distribution must be answered. Which of the following is NOT one of these questions? A. When will it be produced? C. What will be produced? B. How will it be produced? D. For whom will it be produced?

  5. 1000 Dollar Question A Japanese Jeweler in Tokyo purchases gold and diamonds from South Africa. The gold and diamonds are … A. natural resources C. Tax revenue B. Capital goods D. Human capital

  6. 2,000 Dollar Question Tariffs are taxes applied to A. Services only C. Natural resources B. Exported goods D. Imported goods

  7. 4,000 Dollar Question This type of trade barrier places a limit on the mount imported and exported to and from a country A. embargo C. quota B. tariff D. clearance

  8. 8,000 Dollar Question Japan and Israel both have very limited natural resources but have very strong economies. Which of the following explains why? A. they import finished goods and make them better C. They invest in their human capital B. They export raw material D. They use slaves for free labor

  9. 16,000 Dollar Question What resource do many countries in the Middle East specialize in … A. textiles C. Metal industry B. oil D. Agriculture

  10. 32,000 Dollar Question A result of investment in capital goods is… A. GDP stays the same C. No change in GDP B. decrease in GDP D. Increase in GDP

  11. 64,000 Dollar Question How does OPEC control the price of oil? A. OPEC has no control over prices of oil C. By telling the UN what price to make oil D. OPEC only sells oil to countries who will pay a high price B. By controlling the supply

  12. 125,000 Dollar Question Which of the following is a negative result of specialization? A. If the industry fails, there is nothing to fall back on C. businesses get better at what they do B. Resources are used more efficiently D. Human capital in a specific area gets better

  13. 250,000 Dollar Question Israel spends millions of tax dollars to educate it people, train workers, and teach special skills. What should happen to Israel’s GDP? A. GDP will decrease C. GDP will increase B. GDP will only increase for one year D. There will be no change in GDP

  14. 500,000 Dollar Question The Ugandan government added the Nile Perch to Lake Victoria. Why? A. To wipe out the local cichlid fish C. To have a product big enough to export B. To stop water disease D. To decrease exports in the country

  15. 1,000,000 Dollar Question If water is unavailable in a region, what will happen to the economy in that area? A. Industry will be able to grow and thrive C. Industry will slow and not develop B. Water has no impact on industry D. The economy will expand

  16. Correct Response $100 That was a correct answer! On to the next question

  17. Correct Response $300 That was a correct answer! Next Question

  18. Correct Response $500 That was a correct answer! Next Question

  19. Correct Response $1,000 That was a correct answer! Go to $2,000 dollar question

  20. Correct Response $2000 That was a correct answer! 4000 Dollar Question

  21. Correct Response $4000 That was a correct answer! 8000 Dollar Question

  22. Correct Response $8000 That was a correct answer! 16,000 Dollar Question

  23. Correct Response $16,000 That was a correct answer! 32,000 Dollar Question

  24. Correct Response $32,000 That was a correct answer! 64,000 Dollar Question

  25. Correct Response $64,000 That was a correct answer! 125,000 Dollar Question

  26. Correct Response $125,000 That was a correct answer! 500,000 question

  27. Correct Response $500,000 That was a correct answer! 1,000,000 dollar question

  28. Incorrect Response ! Sorry, you just blew the whole million!

  29. Correct Response $1,000,000Count up how much money your team earned.

  30. Incorrect! SorryGo Back

  31. The End!

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