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Economic Knowledge Challenge | Welcome to Mueller Park Rules!

Step up to the plate in this economic knowledge game! Answer questions to score singles, doubles, triples, or home runs, but watch out for strikeouts and errors. Control yourselves to avoid penalties!

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Economic Knowledge Challenge | Welcome to Mueller Park Rules!

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  1. Welcome to Mueller Park

  2. Rules of the Game • Everybody Hits - step up to the plate when it’s your turn • Questions come in the form of singles, double, triples, and home runs • Questions are random • Watch out - there are strikeouts, double plays, and errors • Teams will be penalized outs and sometimes runs if they cannot control themselves or choose to relay answers

  3. Example • Cartels are difficult to operate because of which of the following reasons? • A.They work if members keep to the agreed output • B.They are illegal worldwide • C.Firms in a cartel are likely to lose money • D.Their products are perfectly competitive • A: A • Single

  4. What is a commodity? • A: Product that is considered the same no matter who makes or sells it • Single

  5. List one industry that has been deregulated in recent years • A: Airlines, Pharmaceuticals • Single

  6. What is Marginal Cost? • A: additional cost of producing one more unit of something • Double

  7. What percentage of businesses are Sole Proprietorships? • A: 75% • Single

  8. The night security guard at the textile mill is known as a _______ cost • Fixed or Variable • A: Fixed • Single

  9. The leading firms have three possible ways to control prices and output like a monopoly. What are they? (each worth a bag) • A: Cartel, Merger, and Predatory Pricing • Home Run

  10. The amount a company receives for selling its goods is known as _____ ____. • A: Total Revenue • Single

  11. When the selling price of a good goes up, what is the relationship of quantity supplied? • A: It becomes practical to produce more goods • Double

  12. What kind of market runs efficiently when one large firm supplies all of the goods? • A: Monopoly • Single

  13. What is monopolistic competition? • A: Many companies selling similar but not identical products • Double

  14. Give one example of how a company can lower production costs through the use of technology • A: Email • Single

  15. What percentage of businesses are partnerships? • A: 5%-7% • Single

  16. Corporations are ______% of the business world, but they produce ______% of the products • A: 20% & 80% • Double

  17. In ________ _______, many firms companies compete in a open market and to sell products that are similar but not identical • A: Monopolistic Competition • Single

  18. Which type of market has many barriers to entry? • A: Oligopoly or Monopoly • Double

  19. Balk! • All runners move up one base

  20. Are video game systems an example of monopolistic competition or oligopoly? • A: Oligopoly • Single

  21. What is the main reasons for regulating and deregulating markets? • A: Force competition and lower prices • Home Run

  22. The cost of a good is usually determined by _____ and ____. • A: Supply and Demand • Single

  23. What are the four types of non-price competition? • A: Location, Service Level, Advertising, Physical Characteristics • Triple, or Sac fly if out is made

  24. Two or more firms producing 80 % of the output is the definition of a(n) _________. • A: Oligopoly • Single

  25. Organizations that are in the business of benefiting society and operate like a business are called _______ ________. • A: Nonprofit Organizations • Single

  26. What is the difference between a patent and a license? • A: Patent is license for a product, and License is used to run a business • Double

  27. If a general partnership fails, who is responsible for all of the debts? • A: All of the partners • Single

  28. How do stockholders have influence on the corporation they own? • A: They elect the board of directors • Double, or Sac Fly if an out is made

  29. Economists use the term ______ to describe agreements among firms to set prices and production levels. • A: Collusion • Double

  30. Common barriers to entry include ______ costs and ______. • A: Operating Costs and Technology • Double

  31. Why would the government block a merger? • A: If it reduces competition • Single

  32. What are the three types of corporate mergers? • A: Horizontal, Vertical, Conglomerate • Triple

  33. What is one cost that could be a variable cost for a business? • A: Any cost of production that could change, like eggs in a bakery • Single

  34. End of Ball Game

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