Intro to economics
Demand & supply
General knowledge
Economic concepts
Sports
Elasticity
Market Failure
Mystery round
100
What term describes the situation where unlimited wants exceed limited resources?
Scarcity
100
What type of relationship exists between price and quantity demanded?
Inverse relationship
Negative correlation
100
How many ghosts chase Ms Pac-Man at the start of each game?
4
100
One country focuses heavily on producing wine while another focuses on electronics, and both exchange with each other.
What process allows both countries to benefit from this arrangement?
Specialisation and trade
100
Simone Biles is famous for her skill in what sport?
Gymnastics
100
What measures responsiveness of quantity demanded to a change in price?
Price elasticity of demand
100
Two supermarket giants merge into one enormous company. Soon prices begin rise, consumer choice falls and smaller competitors struggle to survive.
What market problem is increasing?
Market power
100
Where would you be if you were standing on the Spanish Steps?
Rome
200
Which factor of production refers to human effort?
Labour
200
What exists when quantity demanded exceeds quantity supplied?
Shortage
200
What mineral can you add to water to make things float easier?
Salt
200
This model shows households, firms, and sometimes government exchanging money, goods, services, and resources around an economy.
What model is being described?
Circular flow of income
200
What is the difference between a birdie and a bogey?
A birdie is 1 shot under par and a bogey is 1 shot over par.
200
A bottle of water costs: $3 at Woolworths, $8 at Perth Airport and $14 once you pass security. And yet, people still buy it.
Why can airports charge such ridiculous prices?
Inelastic demand
200
A student was willing to pay $600 for a concert ticket but bought one for $180.
Consumer surplus
200
In what country is the Chernobyl nuclear plant located?
Ukraine
300
What type of economy mainly relies on price mechanisms and private ownership?
Market economy
300
A robotics breakthrough allows factories to produce shoes twice as fast using fewer workers.
What happens to supply?
Supply increases
300
What is the 4th letter of the Greek alphabet?
Delta
300
A government tries to improve citizens’ quality of life by increasing access to healthcare, education, and stable employment.
What broader economic goal are they MOST likely trying to improve?
Living standards
300
What type of race is the Tour de France?
Bicycle race
300
What type of supply has a PES less than 1?
Inelastic supply
300
Coal power stations produce cheap electricity.
The market price ignores pollution, respiratory illness and environmental damage.
What type of cost is missing from the market price?
Social costs
300
What game studio makes the Red Dead Redemption series?
Rockstar Games
400
What does a point inside the PPF represent?
Underutilisation or inefficient use of resources
400
If market price is ABOVE equilibrium, what problem exists?
Surplus
400
What is the first property you land on after passing “Go” in classic Monopoly?
Old Kent Road
400
Which economic concept does this article best represent?
Interdependence
400
What height is a regulation NBA basket?
10 feet / 3.02 meters
400
Petrol demand is relatively unresponsive this week…
…but much more responsive over five years.
What elasticity determinant explains this?
Time horizon
400
A fisherman catches as many tuna as possible because “If I don’t, someone else will.”
Twenty years later the tuna populations collapse, the industry suffers and nobody can fish sustainably.
What has occurred?
Tragedy of the commons
400
What is the Indian and Pakistani name for meat cooked in a clay oven over charcoal?
Tandoori
500
Which economic question is answered when Toyota decides to produce more hybrid vehicles?
What to produce
500
Netflix raises subscription prices. Many consumers switch to Disney+.
What economic concept explains this behaviour?
Substitution effect
500
How many dots appear on a pair of dice?
42
500
A country experiences falling GDP, rising unemployment, lower consumer spending and business closures.
Which phase of the business cycle is MOST likely occurring?
Contraction
500
How many balls are on the table during a pool game?
16
There are 15 numbered balls and one white cue ball.
500
A gym lowers membership prices by 10% and membership numbers explode by 40%.
What likely happened to total revenue?
Increased
500
What type of good is represented in this image?
Public good
500
If a business sells dodgy toasters that keep catching fire, what is the government most likely to issue?
Product recall
600
A university student says:
“My degree costs me $12,000 per year.”
An economist replies:
“No it doesn’t.”
Why might the economist disagree?
The opportunity cost also includes forgone wages/time.
600
A rise in consumer income for a normal good causes demand to shift which direction?
Rightward shift
600
What is the best-selling book series of the 21st century?
Harry Potter by J.K. Rowling
600
Which of the six economic concepts does this political cartoon reference?
Making choices
600
What is the only sport to have been played on the moon?
Golf
600
A businessman pays $2400 for a flight booked tonight whilst a tourist pays $450 for the exact same seat booked months ago.
What pricing strategy is the airline using?
Price discrimination
600
Dome café lowers prices below cost for months and the nearby independent cafés shut down one by one.
After competitors disappear, prices sharply increase.
What strategy was used?
Predatory pricing
600
In what fictional Indiana town does the sci-fi series “Stranger Things” take place?
Hawkins
700
A country has privately owned businesses, free consumer choice, government-funded healthcare and strict environmental regulations.
What type of economy is this MOST likely to be?
Mixed economy
700
The price of frozen vegetables rises sharply after floods destroy fresh vegetable crops.
Why?
Frozen vegetables are substitutes so demand increases
700
Which popular condiment was once sold as a medicinal cure for diarrhoea?
Tomato sauce
700
Two people line up overnight for a “free” new smartphone release:
a university student on holidays
a corporate lawyer
Economically, who paid the greater price for the phone?
The lawyer
700
What company was initially known as "Blue Ribbon Sports"?
Nike
700
A teenager says “I’ll never stop buying new FIFA games” and EA Sports executives smile.
What characteristic of demand are they probably relying on?
Habit formation
700
Ships benefit from a lighthouse even if they never contribute toward paying for it.
What problem does this create for private businesses trying to provide lighthouses?
Free riders
700
Use the image to solve the saying:
You are in trouble
800
A student studies:
Hour 1 → huge improvement
Hour 2 → strong improvement
Hour 5 → exhausted and barely learning
What economic principle is occurring?
Diminishing marginal benefit
800
List the five non-price determinants of demand:
P
I
P
E
R
Preferences
Income
Population demographics
Expected price changes
Related goods
800
What two cities are found in the phonetic alphabet?
Lima (Peru) and Quebec (Canada)
800
A baker spends 14 hours a day baking bread, almost no time advertising and no time managing finances.
Meanwhile, a rival bakery hires bakers, accountants, marketers and delivery drivers.
Within a year, the second bakery dominates the market.
What economic concept BEST explains why?
Specialisation
800
In which winter sport are the terms “stale fish” and “mule kick” used?
Snowboarding!
800
A millionaire barely notices rising electricity prices whilst a low-income family radically changes their spending habits.
What elasticity determinant BEST explains this difference?
Proportion of income
800
The government caps petrol prices far below equilibrium and within days petrol stations run dry, long queues form and some people secretly sell fuel for triple the legal price.
What market has emerged?
Black market
800
The stars on the US flag represent the 50 states, what do the stripes represent?
The original 13 British colonies
900
I rise when economies grow too quickly.
A little bit of me is healthy.
Too much of me can destroy purchasing power.
What am I?
Inflation
900
Event 1: A celebrity promotes avocados online.
Event 2: A drought destroys avocado farms.
Predict what happens to price.
Price increases
900
What beloved movie character was almost called ‘Lunar Larry’?
Buzz Lightyear
900
A government wants lower inflation, lower unemployment, lower taxes, more spending on healthcare and lower government debt.
Why are these goals difficult to achieve simultaneously?
Scarcity / trade offs
900
Which Winter Olympic sport is being parodied in this political cartoon featuring China, Russia and North Korea?
Curling
900
A billionaire offers double the market price for an original Banksy artwork.
The quantity supplied remains exactly the same.
What type of supply is this?
Perfectly inelastic.
900
The ACCC blocks a major corporate takeover because it would significantly reduce competition.
What was the ACCC MOST trying to protect?
*Double points: what does ACCC stand for?
Market efficiency
*Double point bonus: Australian Competition and Consumer Commission
900
In baseball, what is the term for when a batter strikes out four times in a game?
Golden sombrero
1000
How does the RBA attempt to control inflation?
*Double points: the RBA announced the latest figures on 5th May - what is the new figure?
Cash rate!
Double point bonus: 4.35% 🤬
1000
I am never perfectly still.
I constantly react to shortages and surpluses.
Adam Smith believed I guide markets without anyone controlling them.
What am I?
The Invisible Hand
1000
What is the name of the pet dinosaur on the TV cartoon “The Flintstones”?
Dino
1000
A teenager quits school because they are making huge money streaming video games online.
Ten years later their audience disappears, they lack qualifications and finding stable work becomes difficult.
What important economic investment may have been sacrificed?
Human capital
1000
How many summer olympic games have been held in Australia?
*Double points: Australia will be hosting the 2032 olympics, where?
2 = 1956 in Melbourne and 2000 in Sydney
*Double point bonus: Brisbane
1000
After major floods bottled water supply recovers quickly but fresh fruit supply recovers slowly.
Why are these markets behaving differently?
Ability to store inventory
1000
A toll road can block non-payers and allows many people to use it simultaneously.
What type of good is it?
Club good
1000
The paper currency in Botswana is named "pula" which translates to what natural phenomenon? This is a reference to the value of this phenomenon as much of the country is within the Kalahari Desert.
Rain
