Podcast
Questions and Answers
What is the primary focus when constructing a multiple choice question stem?
What is the primary focus when constructing a multiple choice question stem?
- Presenting a definite problem without irrelevant material (correct)
- Employing ambiguous wording to test comprehension
- Including as much background context as possible
- Using negative statements to create complexity
Which characteristic should all options in a multiple choice question exhibit?
Which characteristic should all options in a multiple choice question exhibit?
- They should be stated clearly and concisely (correct)
- They should contain similar lengths to appear balanced
- They should allow for partial credit in responses
- They should vary in difficulty to challenge students
What is an important aspect to consider when selecting distractors for a multiple choice question?
What is an important aspect to consider when selecting distractors for a multiple choice question?
- They should reflect common student misconceptions (correct)
- They should serve as hints towards the correct answer
- They should be absurd or obviously incorrect
- They should all be based on real-life scenarios
What should be avoided in constructing multiple choice question options?
What should be avoided in constructing multiple choice question options?
How should the correct answer in a multiple choice question be determined?
How should the correct answer in a multiple choice question be determined?
What is the opportunity cost of Margot spending $30,000 on university tuition?
What is the opportunity cost of Margot spending $30,000 on university tuition?
What does the production possibility frontier illustrate?
What does the production possibility frontier illustrate?
How can the production possibility frontier shift outward?
How can the production possibility frontier shift outward?
What effect does a reduction in mobile phone prices have on demand?
What effect does a reduction in mobile phone prices have on demand?
What happens to the demand for an inferior good when consumer incomes decrease?
What happens to the demand for an inferior good when consumer incomes decrease?
Which condition would cause a product's demand curve to shift to the right?
Which condition would cause a product's demand curve to shift to the right?
If producers expect higher future prices, what is the likely impact on current demand and supply?
If producers expect higher future prices, what is the likely impact on current demand and supply?
What does comparative advantage generally refer to when producing a good?
What does comparative advantage generally refer to when producing a good?
What does the term 'commercial gains' refer to?
What does the term 'commercial gains' refer to?
According to the provided table, what is the opportunity cost of producing the fourth unit of consumable goods?
According to the provided table, what is the opportunity cost of producing the fourth unit of consumable goods?
Is the combination of 8 weapons and 12 pounds of butter efficient?
Is the combination of 8 weapons and 12 pounds of butter efficient?
Which statement is false regarding economic efficiency?
Which statement is false regarding economic efficiency?
What is the combined production result with specialization for Marco and Julieth?
What is the combined production result with specialization for Marco and Julieth?
What factor implies movement along the demand curve for a specific good?
What factor implies movement along the demand curve for a specific good?
If goods A and B are substitutes, what happens when the price of good B decreases?
If goods A and B are substitutes, what happens when the price of good B decreases?
Which factor will NOT trigger an increase in the demand for good X?
Which factor will NOT trigger an increase in the demand for good X?
What could have caused the rightward shift of the demand curve for HBO subscriptions?
What could have caused the rightward shift of the demand curve for HBO subscriptions?
What happens to coffee prices in a market characterized by a surplus?
What happens to coffee prices in a market characterized by a surplus?
What tends to increase the size of elasticities for goods?
What tends to increase the size of elasticities for goods?
To maximize revenue, how should an airline manager set fares?
To maximize revenue, how should an airline manager set fares?
What classification is given to goods with a positive cross-price elasticity of demand?
What classification is given to goods with a positive cross-price elasticity of demand?
What indicates that a good is classified as inferior?
What indicates that a good is classified as inferior?
When does maximum total surplus in a market occur?
When does maximum total surplus in a market occur?
How is consumer surplus for a good calculated?
How is consumer surplus for a good calculated?
When is total surplus in a market achieved?
When is total surplus in a market achieved?
If the price of a raft trip is $150, what is the producer surplus if the cost per trip for the third trip is $140?
If the price of a raft trip is $150, what is the producer surplus if the cost per trip for the third trip is $140?
Flashcards
String
String
A sequence of characters, such as letters, numbers, and symbols.
String variable
String variable
A variable that stores a string value, allowing you to manipulate and use text within your program.
String operations
String operations
Operations that modify or analyze strings, such as concatenating strings, finding a character's position, or comparing strings.
Null terminator
Null terminator
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Character string
Character string
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Opportunity Cost
Opportunity Cost
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Marginal Cost
Marginal Cost
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Production Possibilities Frontier
Production Possibilities Frontier
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Comparative Advantage
Comparative Advantage
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Demand
Demand
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Supply
Supply
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Inferior Good
Inferior Good
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Complementary Good
Complementary Good
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Gains from trade
Gains from trade
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Economic Efficiency
Economic Efficiency
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Production Possibilities Frontier (PPF)
Production Possibilities Frontier (PPF)
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Inefficiency
Inefficiency
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Capital Goods
Capital Goods
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Consumer Goods
Consumer Goods
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Movement along the Demand Curve
Movement along the Demand Curve
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Substitute Goods
Substitute Goods
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Elastic Demand
Elastic Demand
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Consumer Surplus
Consumer Surplus
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Unit Elastic Demand
Unit Elastic Demand
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Producer Surplus
Producer Surplus
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Total Surplus
Total Surplus
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Shortage
Shortage
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Cross-Price Elasticity of Demand
Cross-Price Elasticity of Demand
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Equilibrium
Equilibrium
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Study Notes
Market Equilibrium and Excess
- If a seller is in a market that is not in equilibrium, they will adjust their pricing to reach equilibrium.
- A market that is not in equilibrium may have a surplus or shortage of goods.
- If there is an excess, the market price drops so that quantity demanded equals quantity supplied.
- If there is a shortage, prices rise until quantity demanded equals quantity supplied.
Elasticity of Demand
- Elasticity measures how responsive quantity demanded is to changes in price.
- Elastic demand: A relatively large change in quantity demanded in response to a small change in price
- Inelastic demand: A relatively small change in quantity demanded in response to a large change in price.
- Unit elastic demand: A change in quantity demanded is proportional to a change in price.
Types of Goods
- Normal goods: Demand increases as income increases.
- Inferior goods: Demand decreases as income increases.
- Substitute goods: Products that can be used in place of one another to meet a need. (If price for one rises, demand for the other rises.)
- Complimentary goods: Goods that are often purchased together. ( If the price of one rises, demand for the other falls.)
Market Efficiency and Producer/Consumer Surplus
- Producer Surplus: Difference between the price a producer received for their product and the lowest price they would accept for that product.
- Consumer Surplus: Difference between the price a consumer is willing to pay for a product and the market price.
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Description
Explore the concepts of market equilibrium, elasticity of demand, and types of goods in this quiz. Understand how prices adjust in response to surplus and shortage, and differentiate between elastic, inelastic, and unit elastic demand. Test your knowledge on how different goods behave with changes in consumer income.
