Scarcity Scramble
What term describes the economic problem of having unlimited wants but limited resources?
Scarcity
What does elasticity in economics measure?
Responsiveness to Change
What was Taylor Swift's first number-one song on the Billboard Hot 100?
We Are Never Ever Getting Back Together
What law in economics states that, ceteris paribus, when the price of a good rises, the quantity demanded of that good falls, and vice versa?
The Law of Demand
What does the ICC stand for?
International Curriculum Center
What term refers to the necessity of giving up one thing to gain another in economics?
Trade-Off
Name the type of elasticity that measures how much the quantity demanded of a good responds to a change in the price of a different good.
Cross-Price Elasticity of Demand
In which song does Taylor Swift sing about 'living in a big old city,' reflecting urban economic concepts like agglomeration and urbanization?
Mean
hat is the term for the point where the supply and demand curves intersect, indicating the price at which the quantity of a good demanded equals the quantity supplied?
Equilibrium
Which of the following clubs does not exist?
1. Minecraft Club
2. Gold Digger Club
3. RS Academy
4. Research Club
Research Club
What is the term for the value of the next best alternative given up when making a choice?
Opportunity Cost
If the price of a product increases from $10 to $12 and the quantity demanded decreases from 100 units to 80 units, what is the price elasticity of demand?
-1.25 (Elastic)
Which song by Taylor Swift, featuring Brendon Urie, showcases the concept of collaboration and expanding market reach, similar to business partnerships?
ME!
What is the economic outcome when there is an increase in both demand and supply, but demand increases more than supply?
Price Increases, Quantity Increases
What's the name of the garden in front of the Experimental Building?
Bai Cao Yuan
On a production possibilities curve, what does a point inside the curve represent?
Inefficiency
Draw a graph showing perfectly inelastic demand.
-
Name the Taylor Swift album that symbolized a significant shift in her music style from country to pop, representing a strategic market adaptation similar to how companies adjust to changing market demands.
1989
How does a significant technological improvement in the production process of a good typically affect its supply curve?
Shifts Right (or Increases)
How many U Penn acceptances did ICC have last year?
1
What economic concept does the outward bow shape of the production possibilities curve demonstrate?
Increasing Opportunity Costs
If a product has an income elasticity of demand of 2.5, what kind of good is it and how does demand change when income increases?
Luxury; Demand increases more than proportionally.
What is the title of Taylor Swift's debut single, which reflects the beginnings of her music career much like the basic concepts of economics lay the foundation for understanding the subject?
Tim McGraw
What is it called when a factor other than price causes the entire demand curve to shift either to the right (increase) or to the left (decrease)?
Shift of the Demand Curve
Are ICC students allowed to order waimai or not?
NO