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2. THIS IS JEOPARDY

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4. Economics JEOPARDY Econ-A Econ-B Econ-C Econ-D Econ-E Econ-F 100 100 100 100 100 100 200 200 200 200 200 200 300 300 300 300 300 300 400 400 400 400 400 400 500 500 500 500 500 500

5. A company makes a popular fruit juice. It also makes cough drops. A main ingredient in both products is oranges. Because of a drought, the company has enough oranges to produce only fruit juice or cough drops. The company chooses to make fruit juice. What is the opportunity cost of the company’s decision to make fruit juice? The demand for fruit juice will increase. The company will earn less money selling fruit juice. The farmers will decrease the amount of oranges that they grow. The company will be unable to earn money by selling cough drops. A 100

6. D. The company will be unable to earn money by selling cough drops. A 100

7. At the Wheelie Bike Company, each employee attaches the wheels, the seat and the handlebars to each bicycle frame as it is built. The company decides to make a change and gives each employee a specific job. One employee now spends all day attaching wheels to bicycle frames. Another employee puts seats on the bikes. A third employee puts handlebars on the bikes. What is accomplished by this new division of labor? New employees will now learn how to assemble entire bicycles. The company will be able to produce bicycles more quickly. More people will want to buy bicycles from this company. The company will need a larger factory building. A 200

8. B. The company will be able to produce bicycles more quickly. A 200

9. What does an increase in the supply of an item usually mean for consumers? The item will be brought by fewer customers. The item will be removed from the market. The item will be difficult to buy. The item will be lower in price. A 300

10. D. The item will be lower in price. A 300

11. The frozen Treat, a store near your school, has made ice cream cakes for many years. Last week, Chill, another ice cream cake store, opened in the same neighborhood. How will this event affect the buyers of ice cream cakes? The price of ice cream cakes will increase. Customer service at both stores will improve. The quality of ice cream cakes will decrease. Fewer people will want to buy ice cream cakes. A 400

12. B. Customer service at both stores will improve. A 400

13. People want more things than they have the money to buy. • The goods and services a society can produce are limited. What problem results from these two conditions? Human resources. Scarcity. Capital goods. Opportunity cost. A 500

14. B. Scarcity A 500

15. Lisa is trying to earn money to buy a bike. She can either open a lemonade stand or sell cookies, but she does not have the time to do both. What is the opportunity cost for Lisa if she decides to open a lemonade stand? She cannot buy a bike. She cannot sell lemonade. She cannot sell any cookies. She cannot earn any money. B 100

16. C. She cannot sell any cookies. B 100

17. You decide to spend your money to buy a new hat, instead of using it to go to the movies or buying a book. What does the fact that you can no longer use that money to go to the movies illustrate? Economic scarcity. Goods and services. An opportunity cost. A public good. B 200

18. C. An opportunity cost. B 200

19. What allocation method gives out resources by assigning people a number and letting only those selected use the resource? Rationing. “first-come, first-served” Lottery system. Command system. B 300

20. C. Lottery system. B 300

21. Why are capital goods important for the production of goods? They enable workers to make more goods with the same effort. They allow the government to influence the making of products. They make the division of labor fairer among workers. They do not change with technology. B 400

22. A.They enable workers to make more goods with the same effort. B 400

23. Which would be an example of an entrepreneur in action? A manager in charge of an office. An owner running a cleaning store. A worker on an assembly line. A waiter in a restaurant. B 500

24. B. An owner running a cleaning store. B 500

25. An accountant’s computer A carpenter’s electric drill A tailor’s sewing machine What are all of the above examples of? The division of labor. Services. Capital goods. Entrepreneurship. C 100

26. C. Capital goods. C 100

27. Jack’s mother collects the dirty dishes from the dinner table. She gives thema to Jack to put in the sink. Jack’s sister washes the dishes. She then hands the wet dishes to her father to dry. What does this example illustrate? Opportunity cost. The division of labor. The problem of scarcity. A system of rationing. C 200

28. B. The division of labor. C 200

29. Michigan automobiles Florida oranges Georgia peaches What best explains why Michigan is more efficient at producing automobiles, Florida is better at growing oranges, and Georgia farmers can grow the best peaches? They sell these products for less in their own region. They each are equally capable of producing the same goods. They each have a unique mix of human and natural resources. Their work force is better educated than elsewhere. C 300

30. C. They each have a unique mix of human and natural resources. C 300

31. DAILY DOUBLE DAILY DOUBLE Place A Wager C 400

32. Which of the following would most likely lead to the lowest prices for a product? Only one producer makes the product. Profits are shared equally among businesses. Competition between businesses is not permitted. Prices are determined by the free interaction of consumers and producers. C 400

33. D. Prices are determined by the free interaction of consumers and producers. C 400

34. Jack manufactures chewing gum with a unique flavor, like a peanut butter and jelly sandwich. If other manufacturers started making a similar product,how would Jack probably respond? Raise his gum prices. Use less flavor in his gum. Lower his gum prices. Reduce customer service. C 500

35. C. Lower his gum prices. C 500

36. Which is an example of specialization? A region puts its resources into making those products it is most efficient at producing. A large Ohio corporation sells its products in Akron. A group of workers walks off a job until they are paid more. A small store is driven out of business by a larger store. D 100

37. A. A region puts its resources into making those products it is most efficient at producing. D 100

38. Natural Resources Human Resources Capital Goods ? Examine the boxes to answer the question. Which types of productive resource is missing? Rationing Entrepreneurship. Opportunity cost. Problem of scarcity. D 200

39. B. Entrepreneurship. D 200

40. The illustration to the right represents which type of productive resources? A natural resource. A human resource. A capital good. Entrepreneurship. D 300

41. C. A capital good. D 300

42. A person hires plumbers, electricians and carpenters in order to build a house to sell it and make a profit. What would the person who does the hiring of contractors be acting as? An importer. A consumer. An exporter. An entrepreneur. D 400

43. D. An entrepreneur. D 400

44. Many farmers in Ohio grow soybeans because the climate and soil are favorable. How does this specialization affect the farmer’s business? Farmers are able to grow more crops. Farm crops are more expensive to grow. Farm crops in Ohio are lower in quality. Farmers work longer to grow the same amount of crops. D 500

45. A. Farmers are able to grow more crops. D 500

46. Examine the statements in the box below. Which conclusion can be drawn from these statements? All nations trade with the United States. Small nations are not important to world trade. Japan is one of the world’s few self-sufficient nations. Different regions of the world are economically interdependent. • Many Americans own cars made in Japan • Japan depends on oil it imports from Saudi Arabia. • England relies on beef imports from Australia. E 100

47. D. Different regions of the world are economically interdependent. E 100

48. How does competition affect producers in a market economy? It leads them to share resources equally. They look to the government to allocate resources. They improve the quality of their goods to increase sales. Their goods are rationed among consumers. E 200

49. C.They improve the quality of their goods to increase sales. E 200

50. Huntington is a small town with only one women’s clothing store. Some women in Huntington feel they are paying too much for their clothes. What would probably happen if another women’s clothing store opened in the town? Fewer clothing styles would be available. Women’s clothing prices would fall. A men’s clothing store would also open in the town. Most women would realize that their clothing is too expensive. E 300