another active learning strategy brought to the heaps cool economics students at wellington college...
TRANSCRIPT
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Another active learning strategy brought to the heaps cool economics students at wellington college by the douceinator
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Instructions
1.stand behind your desk2.challenges will be shown on the screen3.answer by following instructions 4.if your answer is incorrect sit down5.challenges are repeated until there is
only one student remaining6.the last person remaining standing is
the class survivor
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Lets Start
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The production possibility curve/frontier shows the maximum output combination of two goods that can be produced with existing resources and technology
HAND UP HAND DOWNcorrect incorrect
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if your hand is down
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the slope of the PPC shows opportunity cost
HAND UP HAND DOWNtrue false
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if your hand is down
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the bowed PPC shape is caused by
HAND UP HAND DOWNdiminishing constant returns returns
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all points on the PPC line are
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allocative productionefficient efficient
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the production of which type of good will increase a country’s future productive capacity?
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capital goods consumer goods
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if your hand is down
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industries which are losing their importance in the economy are known as:
HAND UP HAND DOWN
sunrise sunset industries industries
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if your hand is up
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diminishing returns can only occur in the
HAND UP HAND DOWNlong run short run
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if a price is set above the market equilibrium, which of the following is created?
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a shortage a surplus
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if your hand is up
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a decrease in demand results in:
HAND UP HAND DOWN
fall in equilibriumrise in equilibriumprice price
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if your hand is down
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the triangle area between the demand curve and the price line is called the: HAND UP HAND DOWN
producer consumer surplus surplus
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if your hand is up
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The point on the graph where there is neither a shortage or a surplus is called: HAND UP HAND DOWN
market allocativeequilibrium efficiency
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both answers are correct
TRICKED YAR!!
stay standing
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After the introduction of a sales tax, the consumer surplus gets smaller
HAND UP HAND DOWN
false true
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deadweight loss only occurs when the government intervenes in the market
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true false
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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
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when the price elasticity of demand coefficient is greater than one, demand is
HAND UP HAND DOWN
inelastic elastic
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at high prices, price elasticity of demand tends to be more
HAND UP HAND DOWN
elastic inelastic
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perfectly elastic demand is
HAND UP HAND DOWN
horizontal vertical
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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
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The government will raise more revenue is they put a sales tax on goods that are:
HAND UP HAND DOWN
elastic inelastic
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The incidence of a sales tax on an inelastic product falls more heavily on the
HAND UP HAND DOWN
consumer producer
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The following are characteristics of what kind of elasticity:
addictive, few substitutes, necessities
HAND UP HAND DOWN
elastic inelastic
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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
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If the cross elasticity of demand coefficient is negative, then the two goods are
HAND UP HAND DOWN
complements substitutes
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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
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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
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which of the following are likely to have a negative cross elasticity of demand?
HAND UP HAND DOWN
vegemite vegemiteand toast and marmite
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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
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If quantity demanded and income changes are in the same direction, then the good is
HAND UP HAND DOWN
normal inferior
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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
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the perfectly inelastic supply curve is
HAND UP HAND DOWN
vertical horizontal
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If the coefficient of price elasticity of supply is less than one, then the supply is
HAND UP HAND DOWN
elastic inelastic
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supply in the short run tends to be more
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inelastic elastic
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the momentary supply curve (supply on a given day) is
HAND UP HAND DOWN
vertical horizontal
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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
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The current dollar value of a wage adjusted for changes in the price level is called
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real wage nominal wage
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If the current wage rate is below the equilibrium wage rate then which of the following occurs in the labour market?
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shortage of excess labourlabour
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the current dollar value of a wage adjusted for changes in the price level is called
HAND UP HAND DOWN
real wage nominal wage
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If the real wage rate increases, then the amount of voluntary unemployment
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decreases increases
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A minimum wage causes unemployment to
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decrease increase
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if your hand is up
YOU HAVE BEEN VOTED OFF
sit down
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If NZ goods are exported overseas, then the domestic price
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falls rises
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if your hand is up
YOU HAVE BEEN VOTED OFF
sit down
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NZ will import a good if its price is lower than the domestic price
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false true
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if your hand is up
YOU HAVE BEEN VOTED OFF
sit down
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The world supply curve is horizontal because
HAND UP HAND DOWN
the world can supply NZ importersunlimited quantity want to raiseat this price the price
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if your hand is down
YOU HAVE BEEN VOTED OFF
sit down
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if demand is elastic, the greater incidence of a sales tax falls on the
HAND UP HAND DOWN
consumer producer
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if your hand is up
YOU HAVE BEEN VOTED OFF
sit down
![Page 91: Another active learning strategy brought to the heaps cool economics students at wellington college by the douceinator](https://reader035.vdocument.in/reader035/viewer/2022062717/56649e1b5503460f94b09fc3/html5/thumbnails/91.jpg)
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
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if your hand is down
YOU HAVE BEEN VOTED OFF
sit down
![Page 93: Another active learning strategy brought to the heaps cool economics students at wellington college by the douceinator](https://reader035.vdocument.in/reader035/viewer/2022062717/56649e1b5503460f94b09fc3/html5/thumbnails/93.jpg)
A deadweight loss is always created when the government pays subsidies to firms
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incorrect correct
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if your hand is up
YOU HAVE BEEN VOTED OFF
sit down
![Page 95: Another active learning strategy brought to the heaps cool economics students at wellington college by the douceinator](https://reader035.vdocument.in/reader035/viewer/2022062717/56649e1b5503460f94b09fc3/html5/thumbnails/95.jpg)
THE
END
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Challenge 1
write down the 3 forumulas for determining price elasticity of demand
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Challenge 2
demonstrate how the PPC shows
• scarcity• choice• opportunity cost• unemployment• diminishing returns
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Challenge 3
draw a demand and supply curve and label
• allocative efficiency point• shade consumer surplus• shade producer surplus
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Challenge 4
draw a graph that shows a deawweight loss occuring and explain it
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Challenge 5
draw 3 supply curves and show which is
• most inelastic• more elastic• monentary supply
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Challenge 6
draw the labour market showing no involuntary unemployment
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Challenge 7
Draw and label the labour market showing no volunatary unemployment
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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
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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
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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
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Challenge 11
1.draw a graph showing supply and demand for sheep in NZat 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