Wheel of Fortune Rules

1. Wheel of Fortune Rules • Teams consist of groups of 3. • If a team gets the Question correct, you get to spin. • If a team gets the Question incorrect, other teams can earn 50 points by writing the correct answer on their whiteboard. Teams have 10 seconds to record their answer. And now..our hosts! Pat and Vanna!

2. End Game 100 500 300 P R I Z E 100 200 200 400 100 Spin Wheel Back to the Board Points

3. TIME TO PLAY “Wheel of Fortune!” • Here are the questions for the game. You may choose them at random. Once a question is picked, you may not pick it again….Good Luck!!!!!!!! 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

4. Question #1 - Combination of desire, ability, and willingness to buy a product? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

5. Question #2 - Decrease in satisfaction or usefulness from having one more unit of the same product Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

6. Question #3 - Type of elasticity where a change in price causes a relatively larger change in quantity demanded? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

7. Question #4 - That part of a change in quantity demanded due to a price change that makes other products more or less costly Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

8. Question #5 - What causes a change in demand? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

9. Question #6 - What is the issue with measuring marginal utility according to economists? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

10. Question #7 What is the correct equation to measure elasticity? A. (Q1-Q2) / (Q1+Q2) ÷ (P1-P2)/(P1+P2) B. (Q1+Q2) / (Q1-Q2) ÷ (P1+P2)/(P1-P2) C. (P1-P2)/(P1+P2) ÷ (Q1-Q2) / (Q1+Q2) D. (P1+P2)/(P1-P2) ÷ (Q1+Q2) / (Q1-Q2)? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

11. Question #8 - If PEoD = 1, then elasticity is what type? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

12. Question #9 - What are 2 of the 3 questions we ask to determine the elasticity? Aka Determinants of Demand Elasticity? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

13. Question #10 - Name this jingle… Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

14. Question #11 - Broad category of fixed costs that includes rent, taxes, and executive salaries? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

15. Question #12 - Production level where total cost equals total revenue? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

16. Question #13 - What type of elasticity is private education? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

17. Question #14 - Congratulations! Free spin without answering a question  Let’s Spin!

18. Question #15 - Amount of a product offered for sale at all possible prices? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

19. Question #16 • Which of the following is not true about reasons for a change in supply? • Cost of Resources • Productivity • Technology • Taxes & Subsidies • Previous Sales • Government Regulations • # of Sellers Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

20. Question #17 - How does the cost of resources affect the quantity offered for sale? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

21. Question #18 - What are 3 of the 4 measures of cost? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

22. Question #19 - What are the 3 stages of production? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

23. Question #20 - How does changing one variable affect the other variable inputs of a firm? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

24. Question #21 - A business must know this important “point” to get into the black and in order to keep in business? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

25. Question #22 - Low overhead, less inventory, and low rent or only the need for the Internet is a benefit of? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

26. Question #23 - Name this jingle… Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

27. Question #24 • Congratulations! Free spin without answering a question  Let’s Spin!

28. Question #25 • Name the product for which this jingle is played… Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

29. Question #26 • System of allocating goods and services without prices? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

30. Question #27 - Partial refund of a product’s original price? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

31. Question #28 - Price where quantity supplied equals quantity demanded? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

32. Question #29 - Highest legal price that can be charged for a product? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

33. Question #30 - Name 3 of the 4 programs intended to help farmers here in the U.S.? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

34. Question #31 - Shares too small, costs, loss of incentive to work are all problem with? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

35. Question #32 • Which of the following is not a factor that could disturb the equilibrium market? • New competitors entering the market • Technological improvements • Drop in wages • Inflation Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

36. Question #33 Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

37. Question #34 - Movie that demonstrates “when markets talk”…ie frozen concentrate orange juice in this stock market movie? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

38. Question #35 - Requirement that a business reveal information about its products or its operations to the public? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

39. Question #36 - Goods or services whose benefits are available to everyone and are paid for collectively? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

40. Question #37 - Licenses and regulates radio and television stations and regulates interstate telephone and telegraph rates and services Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

41. Question #38 - Investigates accidents in the workplace; enforces regulations to protect employees at work Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

42. Question #39 - Practice of selling the same product at different prices to different buyers? Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions

43. Question #40 • Name this jingle: Correct! Let’s Spin! Sorry  - 100 pts. Back to the Questions