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Economics Quiz Challenge: Test Your Knowledge and Learn!

Explore economic principles, famous economists, marginal analysis, PPF model, comparative advantage through interactive quiz questions. Earn points for correct answers!

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Economics Quiz Challenge: Test Your Knowledge and Learn!

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  1. “1” Economic Principles “2” Aplia Check “3” Famous Economists “4” Marginal Analysis “5” PPF Model “6” Comparative Advantage $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500

  2. Economic Principles The study of the economy as it pertains to individuals or specific markets. Correct response? Earn $100 Incorrect response? Lose $100 A-100

  3. Economic Principles TRUE or FALSE The opportunity cost of going to a particular college is the same for everyone. Correct response? Earn $200 Incorrect response? Lose $200 A-200

  4. Economic Principles A subjective statement that does not express a testable hypothesis. Correct response? Earn $300 Incorrect response? Lose $300 A-300

  5. Economic Principles TANSTAAFL Correct response? Earn $400 Incorrect response? Lose $400 A-400

  6. Economic Principles The dominant assumption made by economists regarding the behavior of individuals. Correct response? Earn $500 Incorrect response? Lose $500 A-500

  7. Aplia Check A baseball stadium has three ticket windows that sell season tickets. Windows 1 and 2 have lines of three people each. Window 3, which was initially closed, opens. One person from Window 1 and one person from Window 2 line up at Window 3. The economic principle that is described above. Correct response? Earn $100 Incorrect response? Lose $100 B-100

  8. Aplia Check TRUE or FALSE Supplies such as paint stripper, varnish, polish, sandpaper, and so on are implicit costs. Correct response? Earn $200 Incorrect response? Lose $200 B-200

  9. Aplia Check The coach of a soccer team must decide whether team member Anna should play in the next game, and if so, how long to let Anna continue in this game. Which part of this decision is a marginal decision? Correct response? Earn $300 Incorrect response? Lose $300 B-300

  10. Aplia Check Diagram used to illustrate the transactions in the product and factor markets Correct response? Earn $400 Incorrect response? Lose $400 B-400

  11. Aplia Check Economist who created Aplia.com Correct response? Earn $500 Incorrect response? Lose $500 B-500

  12. Famous Economists The father of modern economics. Correct response? Earn $100 Incorrect response? Lose $100 C-100

  13. Famous Economists The first woman appointed to the US Supreme Court. Correct response? Earn $200 Incorrect response? Lose $200 C-200

  14. Famous Economists Former U.S. President known as the “great communicator” and for his use of “supply side economics.” Correct response? Earn $300 Incorrect response? Lose $300 C-300

  15. Famous Economists Stanford grad who won two Super Bowls quarterbacking the Denver Broncos. Correct response? Earn $400 Incorrect response? Lose $400 C-400

  16. Famous Economists A graduate of Kenyon College, this actor won the Academy Award for “best actor” in The Color of Money. Correct response? Earn $500 Incorrect response? Lose $500 C-500

  17. Marginal Analysis TRUE or FALSE If the marginal benefit is decreasing, the total benefit must be negative. Correct response? Earn $200 Incorrect response? Lose $200 D-100

  18. Marginal Analysis TRUE or FALSE Marginal analysis is relevant for only “either-or” decisions. Correct response? Earn $200 Incorrect response? Lose $200 D-200

  19. Marginal Analysis The rule for determining the optimal amount of any activity. Correct response? Earn $500 Incorrect response? Lose $500 D-300

  20. Marginal Analysis Wendy sells ice-making machines. She can sell 6 per week at a price of $2000 each. If she charges $2100, she will only sell 5 per week. The marginal benefit of selling the 6th machine is _______. Correct response? Earn $400 Incorrect response? Lose $400 D-400

  21. Marginal Analysis TRUE or FALSE If a company’s total costs per day increase from $500 to $600 by adding worker, but its marginal benefits are $150, it is sensible to add that additional worker. Correct response? Earn $300 Incorrect response? Lose $300 D-500

  22. PPF Model All points inside the PPF. Correct response? Earn $100 Incorrect response? Lose $100 E-100

  23. PPF Model All points outside the PPF Correct response? Earn $200 Incorrect response? Lose $200 E-200

  24. PPF Model • PPF will shift outward for all of the following reasons EXCEPT: • Increase in unemployment rate • Increase in the labor force • Improvement in technology • Increase in worker productivity • Correct response? Earn $300 • Incorrect response? Lose $300 E-300

  25. PPF Model The shape of a PPF depicting resources that are perfect substitutes for each other. Correct response? Earn $400 Incorrect response? Lose $400 E-400

  26. PPF Model “Law” illustrated by a concave PPF Correct response? Earn $500 Incorrect response? Lose $500 E-500

  27. Comparative Advantage TRUE or FALSE Comparative advantage is held by the person with the highest opportunity cost of production. Correct response? Earn $100 Incorrect response? Lose $100 F-100

  28. Comparative Advantage In one hour Fred can produce either 20 bikes or 10 trikes while Barney can produce either 30 bikes or 20 trikes. Fred’s opportunity cost of 1 trike is ____. Correct response? Earn $200 Incorrect response? Lose $200 F-200

  29. Comparative Advantage In one hour Fred can produce either 20 bikes or 10 trikes while Barney can produce either 30 bikes or 20 trikes. Barney holds the comparative advantage in _____. Correct response? Earn $300 Incorrect response? Lose $300 F-300

  30. Comparative Advantage True or False If Sarah can produce 10 hamburgers while Jesse can produce 5 hamburgers, we know that Sarah has a comparative advantage in hamburgers. Correct response? Earn $400 Incorrect response? Lose $400 F-400

  31. Comparative Advantage Economist who developed the theory of comparative advantage. Correct response? Earn $500 Incorrect response? Lose $500 F-500

  32. Economic Principles The study of the economy as it pertains to individuals or specific markets. Microeconomics Correct response? Earn $100 Incorrect response? Lose $100 A-100

  33. Economic Principles FALSE The opportunity cost of going to a particular college is not the same for everyone. Correct response? Earn $200 Incorrect response? Lose $200 A-200

  34. Economic Principles A subjective statement that does not express a testable hypothesis. Normative Statement Correct response? Earn $300 Incorrect response? Lose $300 A-300

  35. Economic Principles TANSTAAFL There Ain’t No Such Thing As A Free Lunch Correct response? Earn $400 Incorrect response? Lose $400 A-400

  36. Economic Principles The dominant assumption made by economists regarding the behavior of individuals. Self-interest (or rationality) Correct response? Earn $500 Incorrect response? Lose $500 A-500

  37. Aplia Check Equilibrium Correct response? Earn $100 Incorrect response? Lose $100 B-100

  38. Aplia Check FALSE These are examples of explicit costs. Correct response? Earn $200 Incorrect response? Lose $200 B-200

  39. Aplia Check How long Anna plays. Correct response? Earn $300 Incorrect response? Lose $300 B-300

  40. Aplia Check Circular Flow Diagram Correct response? Earn $400 Incorrect response? Lose $400 B-400

  41. Aplia Check Paul Romer Correct response? Earn $500 Incorrect response? Lose $500 B-500

  42. Famous Economists The father of modern economics. Adam Smith Correct response? Earn $100 Incorrect response? Lose $100 C-100

  43. Famous Economists The first woman appointed to the US Supreme Court. Sandra Day O’Connor Correct response? Earn $200 Incorrect response? Lose $200 C-200

  44. Famous Economists Former U.S. President known as the “great communicator” and for his use of “supply side economics.” Ronald Reagan Correct response? Earn $300 Incorrect response? Lose $300 C-300

  45. Famous Economists Stanford grad who won two Super Bowls quarterbacking the Denver Broncos. John Elway Correct response? Earn $400 Incorrect response? Lose $400 C-400

  46. Famous Economists A graduate of Kenyon College, this actor won the Academy Award for “best actor” in The Color of Money. Paul Newman Correct response? Earn $500 Incorrect response? Lose $500 C-500

  47. Marginal Analysis FALSE If the marginal benefit is decreasing, the total benefit may still increase. Correct response? Earn $200 Incorrect response? Lose $200 D-100

  48. Marginal Analysis FALSE Marginal analysis is relevant only for “how much” decisions. Correct response? Earn $200 Incorrect response? Lose $200 D-200

  49. Marginal Analysis MB = MC Correct response? Earn $500 Incorrect response? Lose $500 D-300

  50. Marginal Analysis Wendy sells ice-making machines. She can sell 6 per week at a price of $2000 each. If she charges $2100, she will only sell 5 per week. The marginal benefit of selling the 6th machine is $1500. Correct response? Earn $400 Incorrect response? Lose $400 D-400

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