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Another active learning strategy brought to the heaps cool economics students at wellington college by the douceinator Instructions 1. stand behind your desk 2.challenges will be shown on the screen 3.answer by following instructions 4.if your answer is incorrect sit down 5.challenges are repeated until there is only one student remaining 6.the last person remaining standing is the class survivor Lets Start The production possibility curve/frontier shows the maximum output combination of two goods that can be produced with existing resources and technology HAND UP correct HAND DOWN incorrect if your hand is down YOU HAVE BEEN VOTED OFF sit down the slope of the PPC shows opportunity cost HAND UP true HAND DOWN false if your hand is down YOU HAVE BEEN VOTED OFF sit down the bowed PPC shape is caused by HAND UP diminishing returns HAND DOWN constant returns if your hand is down YOU HAVE BEEN VOTED OFF sit down all points on the PPC line are HAND UP HAND DOWN allocative efficient production efficient if your hand is up YOU HAVE BEEN VOTED OFF sit down the production of which type of good will increase a country’s future productive capacity? HAND UP HAND DOWN capital goods consumer goods if your hand is down YOU HAVE BEEN VOTED OFF sit down industries which are losing their importance in the economy are known as: HAND UP HAND DOWN sunrise industries sunset industries if your hand is up YOU HAVE BEEN VOTED OFF sit down diminishing returns can only occur in the HAND UP HAND DOWN long run short run if your hand is up YOU HAVE BEEN VOTED OFF sit down if a price is set above the market equilibrium, which of the following is created? HAND UP HAND DOWN a shortage a surplus if your hand is up YOU HAVE BEEN VOTED OFF sit down a decrease in demand results in: HAND UP HAND DOWN fall in equilibrium price rise in equilibrium price if your hand is down YOU HAVE BEEN VOTED OFF sit down the triangle area between the demand curve and the price line is called the: HAND UP HAND DOWN producer surplus consumer surplus if your hand is up YOU HAVE BEEN VOTED OFF sit down The point on the graph where there is neither a shortage or a surplus is called: HAND UP HAND DOWN market equilibrium allocative efficiency both answers are correct TRICKED YAR!! stay standing After the introduction of a sales tax, the consumer surplus gets smaller HAND UP HAND DOWN false true if your hand is up YOU HAVE BEEN VOTED OFF sit down deadweight loss only occurs when the government intervenes in the market HAND UP HAND DOWN true false if your hand is down YOU HAVE BEEN VOTED OFF sit down 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 if your hand is down YOU HAVE BEEN VOTED OFF sit down when the price elasticity of demand coefficient is greater than one, demand is HAND UP HAND DOWN inelastic elastic if your hand is up YOU HAVE BEEN VOTED OFF sit down at high prices, price elasticity of demand tends to be more HAND UP HAND DOWN elastic inelastic if your hand is down YOU HAVE BEEN VOTED OFF sit down perfectly elastic demand is HAND UP HAND DOWN horizontal vertical if your hand is down YOU HAVE BEEN VOTED OFF sit down 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 if your hand is down YOU HAVE BEEN VOTED OFF sit down The government will raise more revenue is they put a sales tax on goods that are: HAND UP HAND DOWN elastic inelastic if your hand is up YOU HAVE BEEN VOTED OFF sit down The incidence of a sales tax on an inelastic product falls more heavily on the HAND UP HAND DOWN consumer producer if your hand is down YOU HAVE BEEN VOTED OFF sit down The following are characteristics of what kind of elasticity: addictive, few substitutes, necessities HAND UP HAND DOWN elastic inelastic if your hand is down YOU HAVE BEEN VOTED OFF sit down 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 if your hand is down YOU HAVE BEEN VOTED OFF sit down If the cross elasticity of demand coefficient is negative, then the two goods are HAND UP HAND DOWN complements substitutes if your hand is down YOU HAVE BEEN VOTED OFF sit down If two goods are substitutes and the price of one good goes up, the demand for the other good will HAND UP HAND DOWN shift left shift right if your hand is up YOU HAVE BEEN VOTED OFF sit down Quantity demanded of one product falls and this causes the demand curve for another product to shift left. The cross elasticity of demand coefficient must be HAND UP HAND DOWN negative positive if your hand is down YOU HAVE BEEN VOTED OFF sit down which of the following are likely to have a negative cross elasticity of demand? HAND UP HAND DOWN vegemite and toast vegemite and marmite if your hand is down YOU HAVE BEEN VOTED OFF sit down If the income elasticity of demand coefficient for a good is negative, then the good is an HAND UP HAND DOWN inferior good normal good if your hand is down YOU HAVE BEEN VOTED OFF sit down If quantity demanded and income changes are in the same direction, then the good is HAND UP HAND DOWN normal inferior if your hand is down YOU HAVE BEEN VOTED OFF sit down if the income elasticity of demand coefficient for a good is greater than one, then the good is a HAND UP HAND DOWN normal luxury normal necessity if your hand is down YOU HAVE BEEN VOTED OFF sit down the perfectly inelastic supply curve is HAND UP HAND DOWN vertical horizontal if your hand is down YOU HAVE BEEN VOTED OFF sit down If the coefficient of price elasticity of supply is less than one, then the supply is HAND UP HAND DOWN elastic inelastic if your hand is up YOU HAVE BEEN VOTED OFF sit down supply in the short run tends to be more HAND UP HAND DOWN inelastic elastic if your hand is up YOU HAVE BEEN VOTED OFF sit down the momentary supply curve (supply on a given day) is HAND UP HAND DOWN vertical horizontal if your hand is down YOU HAVE BEEN VOTED OFF sit down If the response to a given change in price is a more than proportionate change in quantity supplied, then the supply is HAND UP HAND DOWN elastic inelastic if your hand is down YOU HAVE BEEN VOTED OFF sit down The current dollar value of a wage adjusted for changes in the price level is called HAND UP HAND DOWN real wage nominal wage if your hand is down YOU HAVE BEEN VOTED OFF sit down If the current wage rate is below the equilibrium wage rate then which of the following occurs in the labour market? HAND UP HAND DOWN shortage of labour excess labour if your hand is down YOU HAVE BEEN VOTED OFF sit down the current dollar value of a wage adjusted for changes in the price level is called HAND UP HAND DOWN real wage nominal wage if your hand is down YOU HAVE BEEN VOTED OFF sit down If the real wage rate increases, then the amount of voluntary unemployment HAND UP HAND DOWN decreases increases if your hand is down YOU HAVE BEEN VOTED OFF sit down A minimum wage causes unemployment to HAND UP HAND DOWN decrease increase if your hand is up YOU HAVE BEEN VOTED OFF sit down If NZ goods are exported overseas, then the domestic price HAND UP HAND DOWN falls rises if your hand is up YOU HAVE BEEN VOTED OFF sit down NZ will import a good if its price is lower than the domestic price HAND UP HAND DOWN false true if your hand is up YOU HAVE BEEN VOTED OFF sit down The world supply curve is horizontal because HAND UP the world can supply unlimited quantity at this price HAND DOWN NZ importers want to raise the price if your hand is down YOU HAVE BEEN VOTED OFF sit down if demand is elastic, the greater incidence of a sales tax falls on the HAND UP HAND DOWN consumer producer if your hand is up YOU HAVE BEEN VOTED OFF sit down If a good has inelastic demand, and the government introduces a subsidy, then the greater incidence falls on the HAND UP HAND DOWN consumer producer if your hand is down YOU HAVE BEEN VOTED OFF sit down A deadweight loss is always created when the government pays subsidies to firms HAND UP HAND DOWN incorrect correct if your hand is up YOU HAVE BEEN VOTED OFF sit down THE END Challenge 1 write down the 3 forumulas for determining price elasticity of demand Challenge 2 • • • • • demonstrate how the PPC shows scarcity choice opportunity cost unemployment diminishing returns Challenge 3 • • • draw a demand and supply curve and label allocative efficiency point shade consumer surplus shade producer surplus Challenge 4 draw a graph that shows a deawweight loss occuring and explain it Challenge 5 draw 3 supply curves and show which is • most inelastic • more elastic • monentary supply Challenge 6 draw the labour market showing no involuntary unemployment Challenge 7 Draw and label the labour market showing no volunatary unemployment Challenge 8 draw and label a supply and demand graph showing the producer incidence and producer incidence of a sales tax for an elastic good Challenge 9 Draw and label a demand and supply curve showing consumer and producer incidence of an inelastic good after a sales tax is imposed Challenge 10 1.Draw and label a supply and demand graph showing a subsidy. 2.Shade the consumer and producer incidence 3.shade the total cost of the subsidy to the government 4.shade the DWL Challenge 11 1.draw a graph showing supply and demand for sheep in NZ at a low price 2.draw a graph showing supply and demand for sheep at a higher price in Canada 3.show what will happen under free trade
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