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Understand the market and allocative efficiency

Another active learning strategy brought to the heaps cool economics students at wellington college by the douceinator. 3.2. Understand the market and allocative efficiency. In Econland. Instructions stand behind your desk challenges will be shown on the screen

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Understand the market and allocative efficiency

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  1. Another active learning strategy brought to the heaps cool economics students at wellington college by the douceinator

  2. 3.2 Understand the market and allocative efficiency In Econland

  3. Instructions • stand behind your desk • challenges will be shown on the screen • answer by following instructions • 4.if your answer is incorrect sit down • challenges are repeated until there is only one student remaining • the last person remaining standing is the class survivor 3.2 revision

  4. Lets Start

  5. The production possibility curve/frontier shows the maximum output combination of two goods that can be produced with existing resources and technology HAND UP HAND DOWN correct incorrect scarcity and allocation

  6. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  7. the slope of the PPC shows opportunity cost HAND UP HAND DOWN true false scarcity and allocation

  8. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  9. the bowed PPC shape is caused by HAND UP HAND DOWN diminishing constant returns returns scarcity and allocation

  10. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  11. all points on the PPC line are HAND UP HAND DOWN allocative production efficient efficient scarcity and allocation

  12. if your hand is up YOU HAVE BEEN VOTED OFF sit down

  13. the production of which type of good will increase a country’s future productive capacity? HAND UP HAND DOWN capital goods consumer goods scarcity and allocation

  14. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  15. industries which are losing their importance in the economy are known as: HAND UP HAND DOWN sunrise sunset industries industries scarcity and allocation

  16. if your hand is up YOU HAVE BEEN VOTED OFF sit down

  17. diminishing returns can only occur in the HAND UP HAND DOWN long run short run scarcity and allocation

  18. if your hand is up YOU HAVE BEEN VOTED OFF sit down

  19. if a price is set above the market equilibrium, which of the following is created? HAND UP HAND DOWN a shortage a surplus market equilibrium

  20. if your hand is up YOU HAVE BEEN VOTED OFF sit down

  21. a decrease in demand results in: HAND UP HAND DOWN fall in equilibrium rise in equilibrium price price market equilibrium

  22. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  23. the triangle area between the demand curve and the price line is called the: HAND UP HAND DOWN producer consumer surplus surplus market equilibrium

  24. if your hand is up YOU HAVE BEEN VOTED OFF sit down

  25. The point on the graph where there is neither a shortage or a surplus is called: HAND UP HAND DOWN market allocative equilibrium efficiency market equilibrium

  26. both answers are correct TRICKED YAR!! stay standing

  27. After the introduction of a sales tax, the consumer surplus gets smaller HAND UP HAND DOWN false true market equilibrium

  28. if your hand is up YOU HAVE BEEN VOTED OFF sit down

  29. deadweight loss only occurs when the government intervenes in the market HAND UP HAND DOWN true false market equilibrium

  30. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  31. in the midpoint formula for calculating price elasticity of demand, the change in quantity demanded is on the: HAND UP HAND DOWN top line bottom line price elasticity

  32. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  33. when the price elasticity of demand coefficient is greater than one, demand is HAND UP HAND DOWN inelastic elastic price elasticity

  34. if your hand is up YOU HAVE BEEN VOTED OFF sit down

  35. at high prices, price elasticity of demand tends to be more HAND UP HAND DOWN elastic inelastic price elasticity

  36. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  37. perfectly elastic demand is HAND UP HAND DOWN horizontal vertical price elasticity

  38. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  39. If a firms Total Revenue falls after they increase the price of their product, the demand for their product is: HAND UP HAND DOWN elastic inelastic price elasticity

  40. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  41. The government will raise more revenue is they put a sales tax on goods that are: HAND UP HAND DOWN elastic inelastic price elasticity

  42. if your hand is up YOU HAVE BEEN VOTED OFF sit down

  43. The incidence of a sales tax on an inelastic product falls more heavily on the HAND UP HAND DOWN consumer producer price elasticity

  44. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  45. The following are characteristics of what kind of elasticity: addictive, few substitutes, necessities HAND UP HAND DOWN elastic inelastic price elasticity

  46. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  47. If the response to a given change in price is a less than proportionate change in quantity demanded, then the products demand is HAND UP HAND DOWN inelastic elastic price elasticity

  48. if your hand is down YOU HAVE BEEN VOTED OFF sit down

  49. If the cross elasticity of demand coefficient is negative, then the two goods are HAND UP HAND DOWN complements substitutes cross elasticity

  50. if your hand is down YOU HAVE BEEN VOTED OFF sit down

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