Unit 1
Demand & Supply
Equilibrium
Miscellaneous
100
The scientific study of scarcity is called this.
What is economics?
100
The number of house buyers in Arizona increases. This is what happens to the demand for houses in Arizona (you must include both the shifter and whether demand increases or decreases)
What is an increase in demand due to C (Number of Consumers)?
100
The demand for grapes increases. This is what happens to the equilibrium price and equilibrium quantity of grapes.
What is an increase in both equilibrium price and quantity?
100
Price Tag is a Jessie J song that helped us remember the shifters of demand. This is the year the song Price Tag was released. (closest answer receives points)
What is 2011?
200
This Scottish economist wrote The Wealth of Nations over a period of 10 years, popularizing the term "the invisible hand"
Who is Adam Smith?
200
Gasoline, an input for providing airline services, sees a price decrease. This is what happens to the supply of airline tickets.
What is the supply increases due to P: A change in input prices?
200
The price for Coke goes down. This is what will happen to the equilibrium price and quantity in the market for Pepsi. (Coke and Pepsi are substitutes)
What is a decrease in equilibrium price and quantity?
200
Girls Like You, the song we used to remember the shifters of supply, was first performed by Maroon 5. This is the name of Maroon 5's lead singer.
Who is Adam Levine?
300
A point along the Production Possibilities Curve is referred to as efficient. A point sitting outside a Production Possibilities Curve is referred to as ____________.
What is unattainable?
300
The price of hot dogs increases. This is what happens to the demand for hot dogs.
What is no shift in demand (just a change in QUANTITY demanded?)
300
The government announces a new tax on each car produced the rest of the year. This is what will happen to the equilibrium price and quantity in the market for cars.
What is an equilibrium price increase and an equilibrium quantity decrease?
300
I'm Gonna Miss Her by Brad Paisley is a song that helped us learn about opportunity cost. What U.S. state is Brad Paisley from? (closest answer wins)
What is West Virginia?
400
The total utility of eating two slices of pizza is 34 and the total utility of eating three slices of pizza is 43. What is the marginal utility of the third slice of pizza?
What 9 utils?
400
The price of a peanut butter, a complement to jelly, decreases. This is what happens to the demand for jelly. (you must include both the shifter and whether demand increases or decreases)
What is increase due to R (price of related goods)?
400
Producers receive a subsidy for producing cars. Meanwhile, cars are a normal good and consumer income increases. This is what will happen to the equilibrium price and quantity in the market for cars.
What is an equilibrium quantity increase and equilibrium price is ambiguous / indeterminate?
400
One More Time by Daft Punk was the song that helped us learn the idea of marginality. Name one part of Daft Punk's signature public wardrobe.
What is a helmet, gloves or a sport coat?