Grab Bag
Richard Hatch is the very first winner of this reality tv show.
What is Survivor?
At its core, economics is the study of...
What is scarcity?
When looking at the PPC, a point that lies directly on the line shows...
What is efficiency?
This principle is also known as "TINSTAAFL"
What is #1 Scarcity forces tradeoffs?
Every society must answer these economic questions.
What are:
What to produce?
How to produce it?
Who consumes it?
The unicorn is the national animal of this country.
What is Scotland?
When making a choice, the value of the next best alternative is called...
When looking at the PPC, any point that lies inside the line shows...
What is underemployed resources?
This is something that encourages behavior to choose one thing over another.
What is an incentive?
In this type of economy there is more personal property rights and laissez faire style government involvement.
What is free market or capitalist?
Closest wins:
The year was the first Barbie released
What is 1959?
In economics the term marginal means...
What is additional?
When looking at the PPC, any point that lies outside the curve is...
What is unattainable given current resources?
A place that brings buyers and sellers together to do business.
In a command style economy, the ___________ owns all the resources and answers the economic questions.
What is government?
Closest Wins:
The total number of pages in all Harry Potter books combined.
What is 3407?
Give an example of both physical and human capital.
Answers will vary.
Provide one reason for growth, that could allow the PPC to expand.
What is more capital, better technology, increase in population, more land or better land?
All decisions come with consequences that could not be predicted is known as this.
What is the law of unintended consequences?
The main goal of command style economies is...
Cookie Monster's real first name.
What is Sid?
Name the factors of production...
What are land, labor, capital, entrepreneurship?
Given the PPC shown calculate the opportunity costs.
What are:
A - B =150 units of Good Y
D - C = 100 units of Good X
When making a choice, a rational person will continue to consume until the marginal benefit is __________ than the marginal cost.
What is less?
The concept that society's goals will be met as individuals seek their own self-interest...
What is the Invisible Hand?