Chapters 1-4
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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Incentives Matter | show 🗑
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Good Institutions Align Self-Interest with the Social Interest | show 🗑
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Trade-offs are Everywhere | show 🗑
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show | making choices by thinking in terms of marginal benefits (MB) and marginal costs (MC)
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The Power of Trade | show 🗑
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The Importance of Wealth and Economic Growth | show 🗑
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Institutions Matter | show 🗑
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Economic Booms and Busts Cannot Be Avoided but Can Be Moderated | show 🗑
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show | a country's central bank regulates the supply of money. a sustained increase in the supply of money without an increase in the supply of goods, causes prices to rise
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Central Banking is a Hard Job | show 🗑
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show | principle of economic model
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Trade-offs Involve Choices About A Little More or A Little Less | show 🗑
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show | principle of economic model
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show | principle of economic model
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show | can produce a good at a lower opportunity cost
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show | value of opportunities lost
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marginal | show 🗑
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Law of Comparative Advantage | show 🗑
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Production Possibility Frontier (PPF) | show 🗑
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Benefits of Trade | show 🗑
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Demand Curve | show 🗑
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Slope of Demand Curve | show 🗑
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Law of Demand | show 🗑
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Consumer Surplus | show 🗑
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show | - area beneath the demand curve and above the price
- 1/2(b*h)
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Income | show 🗑
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Population | show 🗑
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Price of Substitutes | show 🗑
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Prices of Complements | show 🗑
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show | Demand Shifter
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Tastes | show 🗑
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show | at every single price, quantity demanded increases
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Demand Shifts to the Left | show 🗑
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normal good | show 🗑
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inferior good | show 🗑
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substitutes | show 🗑
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complements | show 🗑
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show | shows the quantity supplied at different prices and the minimum price that a certain quantity will be supplied at
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show | positive
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show | as prices rise, the quantity supplied increases
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Producer Surplus | show 🗑
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Total Producer Surplus | show 🗑
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Technology | show 🗑
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Input Cost | show 🗑
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Taxes | show 🗑
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show | Supply Shifter
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Opportunity Cost | show 🗑
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show | when quantity supplied is equal to quantity demanded
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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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.
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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Created by:
claire.klein
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