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“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.

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Presentation Transcript
slide1

“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

slide2

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

slide3

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

slide4

Economic Principles

A subjective statement that does not express a testable hypothesis.

Correct response? Earn $300

Incorrect response? Lose $300

A-300

slide5

Economic Principles

TANSTAAFL

Correct response? Earn $400

Incorrect response? Lose $400

A-400

slide6

Economic Principles

The dominant assumption made by economists regarding the behavior of individuals.

Correct response? Earn $500

Incorrect response? Lose $500

A-500

slide7

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

slide8

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

slide9

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

slide10

Aplia Check

Diagram used to illustrate the transactions in the product and factor markets

Correct response? Earn $400

Incorrect response? Lose $400

B-400

slide11

Aplia Check

Economist who created Aplia.com

Correct response? Earn $500

Incorrect response? Lose $500

B-500

slide12

Famous Economists

The father of modern economics.

Correct response? Earn $100

Incorrect response? Lose $100

C-100

slide13

Famous Economists

The first woman appointed to the US Supreme Court.

Correct response? Earn $200

Incorrect response? Lose $200

C-200

slide14

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

slide15

Famous Economists

Stanford grad who won two Super Bowls quarterbacking the Denver Broncos.

Correct response? Earn $400

Incorrect response? Lose $400

C-400

slide16

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

slide17

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

slide18

Marginal Analysis

TRUE or FALSE

Marginal analysis is relevant for only

“either-or” decisions.

Correct response? Earn $200

Incorrect response? Lose $200

D-200

slide19

Marginal Analysis

The rule for determining the optimal amount of any activity.

Correct response? Earn $500

Incorrect response? Lose $500

D-300

slide20

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

slide21

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

slide22

PPF Model

All points inside the PPF.

Correct response? Earn $100

Incorrect response? Lose $100

E-100

slide23

PPF Model

All points outside the PPF

Correct response? Earn $200

Incorrect response? Lose $200

E-200

slide24

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

slide25

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

slide26

PPF Model

“Law” illustrated by a concave PPF

Correct response? Earn $500

Incorrect response? Lose $500

E-500

slide27

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

slide28

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

slide29

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

slide30

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

slide31

Comparative Advantage

Economist who developed the theory of comparative advantage.

Correct response? Earn $500

Incorrect response? Lose $500

F-500

slide32

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

slide33

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

slide34

Economic Principles

A subjective statement that does not express a testable hypothesis.

Normative Statement

Correct response? Earn $300

Incorrect response? Lose $300

A-300

slide35

Economic Principles

TANSTAAFL

There Ain’t No Such Thing As A Free Lunch

Correct response? Earn $400

Incorrect response? Lose $400

A-400

slide36

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

slide37

Aplia Check

Equilibrium

Correct response? Earn $100

Incorrect response? Lose $100

B-100

slide38

Aplia Check

FALSE

These are examples of explicit costs.

Correct response? Earn $200

Incorrect response? Lose $200

B-200

slide39

Aplia Check

How long Anna plays.

Correct response? Earn $300

Incorrect response? Lose $300

B-300

slide40

Aplia Check

Circular Flow Diagram

Correct response? Earn $400

Incorrect response? Lose $400

B-400

slide41

Aplia Check

Paul Romer

Correct response? Earn $500

Incorrect response? Lose $500

B-500

slide42

Famous Economists

The father of modern economics.

Adam Smith

Correct response? Earn $100

Incorrect response? Lose $100

C-100

slide43

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

slide44

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

slide45

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

slide46

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

slide47

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

slide48

Marginal Analysis

FALSE

Marginal analysis is relevant only for

“how much” decisions.

Correct response? Earn $200

Incorrect response? Lose $200

D-200

slide49

Marginal Analysis

MB = MC

Correct response? Earn $500

Incorrect response? Lose $500

D-300

slide50

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

slide51

Marginal Analysis

TRUE

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

slide52

PPF Model

Inefficient

Correct response? Earn $100

Incorrect response? Lose $100

E-100

slide53

PPF Model

Unattainable

Correct response? Earn $200

Incorrect response? Lose $200

E-200

slide54

PPF Model

    • Increase in unemployment rate
  • Correct response? Earn $300
  • Incorrect response? Lose $300

E-300

slide55

PPF Model

Linear (or straight line)

Correct response? Earn $400

Incorrect response? Lose $400

E-400

slide56

PPF Model

“Law of Increasing Opportunity Costs”

Correct response? Earn $500

Incorrect response? Lose $500

E-500

slide57

Comparative Advantage

FALSE

Comparative advantage is held by the person with the LOWEST opportunity cost of production.

Correct response? Earn $100

Incorrect response? Lose $100

F-100

slide58

Comparative Advantage

2 bikes

Correct response? Earn $200

Incorrect response? Lose $200

F-200

slide59

Comparative Advantage

Trikes

Correct response? Earn $300

Incorrect response? Lose $300

F-300

slide60

Comparative Advantage

FALSE

Sarah has an absolute advantage.

Correct response? Earn $400

Incorrect response? Lose $400

F-400

slide61

Comparative Advantage

David Ricardo

Correct response? Earn $500

Incorrect response? Lose $500

F-500

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