ECON 120 - Quiz 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | resources are scarce, opportunity cost, decisions are taken at the margin, decision-makers respond to incentives
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| Principles of economics: interaction of individual choices | show 🗑
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| show | not yes/no, but extra
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| show | a situation in which no individual would be better off doing something different
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| Equilibrium: cause | show 🗑
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| show | efficiency may not be in line with fairness
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| Market economy: definition | show 🗑
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| Centrally-planned economy: definition | show 🗑
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| Problem with government intervention | show 🗑
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| Adam Smith | show 🗑
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| Roles of government | show 🗑
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| show | a simplified representation of a real situation
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| Model: representation | show 🗑
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| Model: production possibilities frontier: definition | show 🗑
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| Model: production possibilities frontier: slope | show 🗑
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| Free trade: why it is not everywhere | show 🗑
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| show | firms and households
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| show | produce goods and services using inputs (factors of production)
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| show | consume goods and services; own the inputs
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| Positive economics: definition | show 🗑
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| show | concerned with what should be done; influenced by past experience and facts, ethics and moral beliefs
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| show | because economists employ different empirical research methods
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| Market: definition | show 🗑
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| Supply and demand: quantity demanded/supplied: definition | show 🗑
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| show | income, prices of other goods, tastes, expectations, weather
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| Supply and demand: demand: law of demand | show 🗑
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| show | graphical representation of the relationship between the price of a good and its quantity demanded
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| show | the horizontal summation of the quantities individually demanded at any given price
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| show | right = demand has increased; left = demand has decreased
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| show | if its demand increases as the consumer's income goes up
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| show | if demand decreases when the consumer's income goes up
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| Supply and demand: demand: demand curve: substitutes: definition | show 🗑
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| Supply and demand: demand: demand curve: complements: definition | show 🗑
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| Supply and demand: supply: law of supply | show 🗑
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| show | depicts the quantity supplied of a good or service at different price levels
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| show | positively inclined
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| show | input prices, technological advance, weather, expectations, number of suppliers
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| show | market equilibrium = intersection of supply and demand curves
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| show | clearing-market price (equilibrium price) = price at equilibrium
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| show | equilibrium quantity = quantity at equilibrium
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| Supply and demand: simultaneous shifts | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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