Econ Trivia Questions Jeopardy Template

General Economics	Market Competition	Central Banking
1 True True or false: Initially, when you consume more and more of a commodity continuously, your TOTAL satisfaction level will increase.	1 Producing A decision to shut down means the firm stops ___ their product.	1 3. Government Who owns the central bank? 1. Prime minister 2. The people 3. Government 4. President
2 Increase Under normal circumstances, when the price of a commodity falls, the quantity demanded will...?	2 Total revenue-total cost How do you calculate the maximum profit?	2 4. Bank of Japan Which of the following banks is not a well-known Central Bank? 1. The Federal Reserve Bank of the USA 2. The Bank of England 3. The Reserve Bank of India 4. Bank of Japan 5. The Europe Central Bank
3 Negative Does smoking have a positive or negative externality on third parties?	3 Many buyers and sellers, companies selling the same good or service, firms can enter and exit the market freely What makes a market competitive?	3 1. Issue of currencies Which of the following is NOT a function of a commercial bank? 1. Issue of currencies 2. Advancing loans 3. Acceptance of deposits 4. Credit control
5 Little to no government control, supply and demand drive production, all goods and services made in private sectors, etc... What are some characteristics of a free market economy?	5 2. A cost that has already been committed and cannot be recovered What is a sunk cost? 1. When your ship has sunk and you can't get the money back 2. A cost that has already been committed and cannot be recovered 3. A cost that you can regain	5 True True or false? A Central Bank is unlikely to be tempted to lower the rate of interest to win the public support.
10 Answers can vary. Eg. inflation erodes the value of cash, it encourages consumers to spend and stock up on items that are slower to lose value. It lowers the cost of borrowing and reduces unemployment. What happens when the economy inflates?	10 Shutdown temporarily until market conditions improve OR exit the market You run a company in New York, but suddenly the revenue you would get from selling your product is less than the total cost to produce the product. What decision should you make for your company?	10 3. Money and loan increases Assume that there is an increase in money's own rate, all other interest rates remaining unchanged. Which of the following is likely to describe the effect upon the demand for money and the demand for loans? 1. Money falls, loan increases 2. Money and loan fall 3. Money and loan increases 4. Money increases, loan falls

Econ Trivia Questions

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