Download
1 / 42

1 st Annual - PowerPoint PPT Presentation


  • 121 Views
  • Uploaded on

1 st Annual. TRIVIA CHALLENGE Econ Edition. 1.) What are the three economic questions that must be asked?. 2.) Susan wants to play Halo 3 and get A’s in her classes. She cannot do both, so she decides to play Halo 3. What is her opportunity cost?.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' 1 st Annual' - jael


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

1st Annual

TRIVIA CHALLENGE

Econ Edition



2.) Susan wants to play Halo 3 and get A’s in her classes. She cannot do both, so she decides to play Halo 3. What is her opportunity cost?


  • 3.) According to economists, the real cost of anything is? She cannot do both, so she decides to play Halo 3. What is her opportunity cost?

  • The amount of money you pay for it

  • B. Some other desired item that you sacrificed for it

  • C. The number of workers required to produce it

  • D. The amount of raw material used in making it






  • 8.) When should you stop eating the Twix bars? chipotle burrito?

  • When the marginal cost of the next twix was less than the marginal benefit

  • There was no marginal cost

  • When the marginal cost of the next twix was greater than the marginal benefit

  • There was no marginal benefit


9.) Through what t chipotle burrito?wo things did Adam Smith argue that the “invisible” hand regulate the free market?




12.) Which economic tool shows the cost of producing one thing in terms of sacrifice of another thing?


13.) If a nation develops new technology, what is likely to happen to their Production Possibility Frontier (PPF) ?








20.) How does the economic idea of booths?”guns or butter apply to the U.S. government during wartime?


1.) What are the three economic questions that must be asked?

1.) What to Produce? (1pt)

2.) How to Produce it? (1pt)

3.) For Whom to produce it? (1pt)


2.) Susan wants to play Halo 3 and get A’s in her classes. She cannot do both, so she decides to play Halo 3. What is her opportunity cost?

Getting A’s in her classes (2pts)


  • 3.) According to economists, the real cost of anything is? She cannot do both, so she decides to play Halo 3. What is her opportunity cost?

  • The amount of money you pay for it

  • B. Some other desired item that you sacrificed for it

  • (1pt)

  • C. The number of workers required to produce it

  • D. The amount of raw material used in making it


4.) Who controls the factors of production in a Market Economy?

Individuals, Households, Private Ownership, etc. (1pt)


5.) Does scarcity always exist? Why? Economy?

Yes, because people’s wants will always exceed them amount of resources available

(3pts)


6.) What is the difference between a shortage and scarcity? Economy?

A shortage can be temporary or long-term, but scarcity always exists. (2pts)


7.) Which factors of production are used in making a chipotle burrito?

Land, Labor, and Capital (3pts)


  • 8.) When should you stop eating the Twix bars? chipotle burrito?

  • When the marginal cost of the next twix was less than the marginal benefit

  • There was no marginal cost

  • When the marginal cost of the next twix was greater than the marginal benefit

  • (1pt)

  • D. There was no marginal benefit


9.) Through what t chipotle burrito?wo things did Adam Smith argue that the “invisible” hand regulate the free market?

Competition and Self-Interest (3pts)



11.) Which type of Economy is the United States today? chipotle burrito?

Mixed/Modern (2pts)


12.) Which economic tool shows the cost of producing one thing in terms of sacrifice of another thing?

Production Possibilities Frontier (PPF) (1pt)


13.) If a nation develops new technology, what is likely to happen to their Production Possibility Frontier (PPF) ?

Their PPF curve will move out (to the left) (3pts)



15.) Why is the United States NOT a completely market system?

Because we have some government interventions in place. (2pts)





19.) Why can market economies be compared to giant “voting booths?”

Because businesses react to “votes” that consumers make with their dolla dolla bills ya’ll.

(4pts)


20.) How does the economic idea of booths?”guns or butter apply to the U.S. government during wartime?

The government must decide whether to make more or less military or consumer goods

(4pts)


Results: booths?”

35-38 = A (Barbacoa Burrito)

31-38 = B (Chicken Burrito)

27-30 = C (Chicken Quesadilla)

23-26 = D (Bag of Chips with guac)

22 or less = F (You disgrace the name of Chipotle)


ad