Review Time

Jonny and Bonnie Need a Date!Valentine’s Day Game

Girls vs. Boys

Meet Jonny

• Jonny is lonely on this Valentine’s Day and is looking for a date

• However, he’s really picky and has a specific girl in mind

Jonny’s Love Interest

Bonnie• Bonnie has suffered

severe brain damage due to poor life choices

• She too has trouble finding a date and needs your help!

Bonnie’s Love Interest

* Currently Ms. So’s husband

Cupid• Luckily, our friend Cupid

has just one love arrow remaining and is allowing you to decide who gets it- Jonny or Bonnie

Rules of the Game• For each question you answer correctly, Cupid’s arrow moves closer to Jonny

or Bonnie’s love interest

• Each team has 20 seconds to answer a question, EVERYONE has to answer in order for them to get the point

• Shouting out answers will result in a step back from Cupid’s target

• If the team fails to answer the question correctly, the question goes to the other team

• First group to answer 11 correctly gets Cupid’s last arrow– Unless there’s a tie- then we go into SUDDEN DEATH MATCH =)– Sudden death match questions review concepts from US Government, current

events, and other random stuff

_____________ is a problem becauseof the tension between limited resources and unlimited wants

• Scarcity

The factor of production that can be best described as man made factors of production i.e. tools, machinery, etc.

• Capital

The term for the value of the nextbest alternative in an economic

decision is

• Opportunity cost

An increase in factors of production would cause a production possibility

curve to shift in which direction?

• Outward

Adam Smith’s “invisible hand”works only in which type of economy?1. Command2. Market3. Traditional

• 2. market

Which of the following best describes a market economy?a. consumer sovereigntyb. high taxesc. government-controlled productiond. national health insurance

• A. consumer sovereignty

A person who lives downstreamfrom a polluting factory mayexperience a a. free rideb. negative externalityc. positive externalityd. public transfer

• B. negative externality

What two things are necessary for demand?

• Willingness and ability

Honey Booboo sets off a craze for wearing pink dresses among her fans. What factor is affecting demand?

• Consumer tastes

I buy peanut butter to go with my jam. What factor is affecting demand?

• Complements

What’s the equation for calculating revenue?

• Revenue = Price x Quantity

What is the difference between a market demand curve and a

demand curve?

• Market demand curve represents a whole population

• Demand curve represents an individual

How is profit calculated?

• Profit = Revenue – Cost of Production

The change in the amount consumers will buy because they can buy a

different product instead is called the ____________ effect

• Substitution

The law of economics that explains why your 10th cupcake is not as

good as the 1st cupcake

• Law of diminishing marginal utility

Two hospitals in Daly City just got sued so they laid off hundreds of workers. Consumer spending in theDaly City falls. What factor is affecting demand?

• Income

If quantity demanded does not change significantly when price changes the demand is a. elasticb. unit elasticc. inelastic

• Inelastic

What do various points on a demand curve represent?A. change in quantity demandedB. change in demand

• A. change in quantity demanded

If income decreases, substitutes become cheaper, and complements become more expensive, a demand curve will most likely shift in which direction?

• To the left

According to this revenue table, is the demand for hot cocoa at North Star Ski Resort elastic or inelastic?

Price of Hot Cocoa

Qty Demanded

Total Revenue

$10 500 $5,000

$9 550 $4,950

$8 600 $4,800

$7 650 $4,550

$6 715 $4,290• Inelastic

What type of elasticity does this demand curve represent?

• Elastic

Price

Quantity

What is the name of the famous economist who supports the free market, served as economic advisor to Presidents Nixon and Reagan, and won a Nobel Prize for his economic achievements?

• Milton Friedman

SUDDEN DEATH!!!

Uh Oh. Bonnie was intoxicated and went potty in a public street. She was fined $10,000 and sentenced to 15 years in prison. Which amendment will protect her from this cruel and unusual punishment?

• 8th Amendment

Jonny was arrested and taken to the police station for committing a crime. He was told that he had rights to a lawyer and that he didn’t have to confess to his crimes if he didn’t want to. Which Supreme Court case mandated police to read people these rights upon arrest?

• Miranda vs. Arizona

When asked by a reporter about his face paint, this kid replied “_________________________”

• “I like turtles”

The right to bear arms is listed in which amendment of the US Constitution?

• 2nd Amendment

Which article of the Constitution states that national law is always supreme?

• Article 6

What is The Rock’s finishing move called?

• The People’s Elbow

The Battle of the Alamo took place in which modern day city in Texas?

• San Antonio

In what city is the U.S.’ tallest building, the Sears Tower, located?

• Chicago