Topic 1.2
Topic 1.3
Topic 1.4 and 1.5
Topic 1.6
Topic 1.1/Misc.
100
This concept is represented visually in the form of a PPC.
What is Opportunity Cost?
100
This company has absolute advantage in cars while this one has absolute advantage in tanks
What is company X for cars and company Y for tanks?
100
This is a correctly labelled supply and demand curve for labubu.
What is what your teacher drew on the board!
100
This is a correctly labelled supply and demand graph with equilibrium labelled as EQ
100
This is the fundamental issue of economics.
What is Scarcity?
200
This is what an economy needs to invest in to shift their PPC to point 2
What is technology, capital goods, human capital?
200
This company has comparative advantage in tanks.
What is Company Y?
200
This is what would happen on a correctly labelled demand curve if the price of a good was to increase.
What is what your teacher drew on the board?
200
This is how the market would correct a shortage and a surplus.
What is the event of a shortage businesses will raise their price and produce more goods?
What is also in the event of a surplus businesses will lower prices and produce less goods?
200
Scarcity is the condition in which this is true regarding resources and wants.
What are limited resources and unlimited wants
300
This is represented by point 3 on the graph below.
What is an efficient use of our economies resources?
300
This country should specialize in the production of computers, and trade for corn? .
What is Country B
300
This is an accurate description of the law of demand and the law of supply
What is
The Law of Demand states that as price increases quantity demanded decreases and vice versa
The Law of Supply states that as price increases quantity supplied increases and vice versa?
300
This is a correctly labelled supply and demand curve in which a price ceiling is creating a shortage for the product.
300
This would be our opportunity cost of moving from point E to point D
What is 5 coffee cups?
400
This is a correctly drawn graph of an increasing opportunity cost PPC, a decreasing opportunity cost PPC, and a Constant Opportunity Cost PPC.
What is what your teacher just drew on the board? :)
400
This would be acceptable terms of trade for one egg.
What is one egg should be sold for between .2 and .25 Iphones?
400
This is a correctly labelled graph of what would happen to the supply curve for beans if the producers anticipated the profits of the bean industry to rise in one week.
What is?
Beans
400
This is a correctly labelled supply and demand curve for apples when the government increases sales tax by 5% with the original price and quantity labelled P and Q zero and the new equilibrium price and quantity being labelled P and Q 1
What is whatever your teacher drew on the board.
400
DAILY DOUBLE
This is what will occur to equilibrium price and quantity for computers as consumers begin to desire more copies of the device and the government puts a tax on big computer producers.
What is equilibrium quantity will be indeterminate while equilibrium price will increase?
500
This is the opportunity cost of moving from point D to point A.
30 agricultural goods
500
This would be appropriate terms of trade for one bushel of corn
What is one Bushel should be traded for between .25 and 1.25 computers.
500
This is a correctly labelled demand graph for Dubai chocolate when Hershey's, a competing good that fills a similar role, increases in price.
What is?
Dubai Chocolate
500
This is what happens to equilibrium price and quantity for the Soulja Game Console if the microchips needed to make the console increase in price and the average consumer thinks the price will go down in two weeks
Price will be indeterminate quantity will decrease
500
This would be appropriate terms of trade for BOTH 1 Jelly Bean and 1 Candy Cane
What is 1 Jellybean should cost between one and two candy canes?
What is 1 Candy Cane should cost between .5 and 1 Jelly bean?