FLYX
Standard Assignments
Principle of Microeconomics 1.0
Rittenberg and Tregarthen
Lab Question
Lab
1
Lab
2
Lab
3
Question Name
Description
1
Terminology Chapter 1
Match terms with descriptions Difficulty: 1/3
2
Scarcity and Opportunity
Cost
Identify the elements of scarcity and opportunity cost in three different scenarios. Difficulty: 1/3
3
Economic Way of Thinking
Five multiple choice questions concerning the economic way of thinking. Difficulty: 1/3
4
Testing Hypotheses in
Economics
Given data and a hypothesis on the data, answer: a) Is the data given consistent with this hypothesis? b) Does the data prove
that this hypothesis is correct? c) What problem might be involved in accepting the hypothesis? Difficulty: 1/3
5
Microeconomics vs.
Macroeconomics
Choose whether each of the following is a case of microeconomics or macroeconomics. Difficulty: 1/3
6
Normative and Positive
Issues
Presents the difference between normative and positive issues. Difficulty: 1/3
7
Opportunity Costs
Given two different job alternatives, answer what the opportunity cost of choosing one job over the other would be and what
would be the least income amount needed to choose one over another. Difficulty: 1/3
8
Scarcity
Two multiple choice questions concerning scarcity and given a list of different items, answer whether it is a scarce good or
not. Difficulty: 1/3
9
Economic Way of Thinking
Three multiple choice questions concerning the economic way of thinking. Difficulty: 1/3
10
Marginal Product
Indicate whether each is a microeconomic or macroeconomic topic. Difficulty: 1/3
1
Terminology Chapter 2
Match terms with descriptions Difficulty: 1/3
2
Factors of Production
Choose whether each of the following is labor, capital, or a natural resource. Difficulty : 1/3
3
PP, OC, and CA
Draw the production possibilities of 2 different regions and the combination of these regions. Determine which region has
comparative advantage in one good. Draw the combined PPC of the two regions Difficulty : 1/3
4
Production Possibilities
Curve
Given a production possibilities curve, the student must graphically demonstrate a change in curve and actual production.
Difficulty: 1/3
5
Production Possibilities and
Opportunity Cost
Given the table of production possibilities for an economy, draw the PPC curve. Find the opportunity cost at a point on the
curve. Determine whether an combination is possible to achieve or not, and whether that combination is efficient or not.
Given 2 points from the curve, determine which one lead to higher economic growth. Difficulty: 2/3
6
Growth
Estimate growth based on the provided figure Difficulty: 1/3
7
Comparative Advantage+
Draw the production possibilities curve (line) of 2 different people, calculate the opportunity cost of doing each job for each
person, then determine who has the comparative advantage in each job. Difficulty : 1/3
8
International Trade+
Students are given several scenarios about trade and comparative advantage and must determine if they are true or not.
Difficulty : 1/3
9
Combined Production
Possibilities Curve+
Description to be added Difficulty : 1/3
10
Efficient VS Inefficient
Production+
Description to be added Difficulty : 1/3
11
Production Possibilities
Curves and Trade
Description to be added Difficulty : 1/3
1
Terminology Chapter 3
Match terms with descriptions Difficulty: 1/3
2
Normal/Inferior Goods
classify normal goods/services for which, demand will increase as income increases and fall if income decreases Difficulty :
1/3
3
Comlement/Substitute Goods
Classify pairs of goods that are likely to be Complements / Substitutes Difficulty : 1/3
4
Demand And Supply
Decide which case is similar to the provided graph showing a demand or supply shift Difficulty : 1/3
5
Lab
4
Lab
5
Lab
6
Changes in Demand
Given a demand line, the student must graphically demonstrate a change in demand or quantity of demand. Difficulty : 2/3
6
Changes in Supply
Given a supply line, the student must graphically demonstrate a change in supply or quantity of supply. Difficulty : 2/3
7
Changes in Demand or
Supply
Given a change in demand and supply (word problem), the student must demonstrate this change graphically and determine
the change in equilibrium price and quantity Difficulty : 2/3
8
Demand and Supply Curves
Given a table of price, quantity demanded and quantity supplied, plot the demand and supply curves. Difficulty : 1/3
9
Demand and Supply Curves Given a table of demand and supply, plot the demand and supply curves then the equilibrium point. Determine whether there
with Surplus or Shortage
is surplus or shortage at a specific price and indicate the surplus or shortage on the graph. Difficulty : 2/3
10
Schedule Graphing
Given a table of price, quantity demanded and quantity supplied, after a change in quantity supplied, students will fill in the
new quantity demanded and supplied and plot the demand and supply curves. They will also complete entries in a
paragraph. Difficulty: 2/3
1
Terminology Chapter 4
Match terms with descriptions Difficulty: 1/3
2
Demand and Supply Shifting
Given Demand and Supply curves. a) Shift curves with regard to presented information b) Did stock price increase or
decrease? c) Did equilibrium quantity increase or decrease? Difficulty: 1/3
3
Minimum Wages
Draw Demand and Supply curves, answer analysis question regarding minimum wage. Difficulty: 1/3
4
Price Floor
Given a table of price per bushel, quantity demanded and quantity supplied 1) plot the demand and supply curves. 2) Find
the equilibrium point 3) Suppose the government set the price floor on the bushel, what is the result of the price floor 4)
With the price floor, how much do farmers receive for their corn? How much would they have received if there were no
price floor? 5) If the government buys all the surplus corn, how much will it spend? Difficulty: 2/3
5
Price Ceiling
Given a table of rent/month, number of apartments demanded/month and number of apartments supplied/month 1) plot the
demand and supply curves. 2) Find the equilibrium point 3) Suppose the government set the price ceiling on the rent, what is
the result of the rent control Difficulty: 2/3
6
Price Floor and Total
Revenue
Given a schedule describing the demand and supply of a market for corn the student must determine the equilibrium and
determine the effects of a price floor if imposed. Difficulty: 2/3
7
Stock Market Concepts
Students are given questions about stocks and the stock market and must determine examples of stock markets. Difficulty:
2/3
8
Price Floor III
Given a labor market diagram, students will complete a paragraph of info and mark all that apply from a list of statements.
Difficulty: 2/3
9
Price Ceiling II
Given a table of data, plot the demand and supply curves and find the current price, plot the price ceiling, and answer if there
is a shortage, and what will it be. Difficulty: 2/3
10
Algebra - Price Floor II
Given a demand equation and supply equation, the student will find the equilibrium quantity. Given a price floor, they will
find the quantity demanded and supplied and the excess supply resulting from the price floor. Difficulty: 2/3
1
Terminology Chapter 5
Match terms with descriptions Difficulty: 1/3
2
Price and Income Elasticity
Calculate for two goods the cross price elasticity, identifity if the goods are subsitutes/complements, calculate income
elasticity of demand, and identify which is a normal/inferior good Difficulty : 1/3
3
Basic Elasticity I
Basic theoretic calculation of elasticity based on non-specific demand and opportunity cost Difficulty : 1/3
4
Price Elasticity I
Using the arc elasticity method the student must calculate the two price elasticity of demand values between three points.
Using these elasticities the student must determine how total revenue will be affected between these points. Difficulty : 2/3
5
Basic Income Elasticity
Given a table of three demand curves based on income the user must determine the income elasticities for each commodity
and identify the income elasticity classification. Difficulty : 1/3
6
Cross Price Elasticity
Given a table describing the demand for four commodities and one of these commodity's prices the student must calculate
the cross price elasticities for the other three commodities and identify the relationship category. Difficulty : 2/3
7
Basic Price Elasticity of
Supply
Given a table describing a supply curve the student must calculate the supply elasticity over several points and determine the
type of elasticity at each point. Difficulty : 2/3
8
Determinants of Price
Elasticity of Demand
Complete statements about the three main determinants of price elasticity of demand. Difficulty : 1/3
9
Elasticity of Demand
Students will complete a paragraph of info regarding elasticity of demand Difficulty : 1/3
10
Elasticity of Supply
Difficulty : 2/3
1
Terminology Chapter 6
Match terms with descriptions Difficulty: 1/3
2
Classify Public/Private
Services
Classify public/private services Difficulty : 1/3
3
Marginal Cost & Marginal
Benefit
Given expected total benefits and total costs of hours spent studying a subject, find the maximum net benefit, calculate the
marginal cost and marginal benefit then draw the marginal benefit and marginal cost curve. Difficulty : 2/3
4
Consumer & Producer
Surplus II
Given information about supply and demand curves of labor, students plot the surplus and indicate the equilibrium point that
maximizes the net benefit Difficulty: 2/3
5
Deadweight Loss
Answering questions about efficiency of a good produced and graphing the area of deadweight loss imposed by a external
cost Difficulty : 1/3
Lab
7
Lab
8
Lab
9
6
Surplus and Tax
Given a table of demand and supply, draw the demand and supply curve, determine the equilibrium price and quantity, show
the areas of consumer and producer surplus. Suppose a tax is imposed on sellers, plot the new supply curve, determine new
equilibrium price an quantity. Difficulty : 2/3
7
Surplus and Subsidy
Given a table of demand and supply, draw the demand and supply curve, determine the equilibrium price and quantity, show
the areas of consumer and producer surplus. Suppose suppliers receive subsidy, draw the new supply curve, find the new
equilibrium price and quantity. Difficulty : 2/3
8
Demand, Supply, Consumer
& Producer Surplus
Given a table of demand and supply, draw the demand and supply curves, determine the equilibrium price and quantity, and
identify the areas of consumer and producer surplus. Difficulty : 2/3
9
Consumer and Producer
Surplus+
Given demand and supply curves, determine marginal prices and the area of consumer surplus. Difficulty: 1/3
10
Property Rights
Set statements about property rights as correct/incorrect. Difficulty : 1/3
1
Terminology Chapter 7
Match terms with descriptions Difficulty: 1/3
2
Marginal Utility
Consider a consumer who each week purchases two goods, X and Y. He tries to limit his spending on these snacks to $8 per
week. X costs $0.75, and Y costs $0.50. He has been purchasing an average of 6 X and 7 Y each week. He is a careful
maximizer of utility and estimates that the marginal utility of an additional X during a week is 6. a) How much is he
spending on these items? How does this amount compare to his budget constraint? b) What is the marginal utility of an
additional Y during the week? Difficulty : 1/3
3
Substitution Effect and
Income Effect
Given a situation figure out the substitution/income effect, if the good is normal or inferior, and choose the correct
representation of the demand curve. Difficulty : 1/3
4
Utility Maximization
Students must answer the questions below given a graph displaying indifference curve. a) Plot the budget lines
corresponding to the person's budget and the costs of two goods. b) Figure out the slope of the budget line. c) Figure out the
maximized utility solution Difficulty : 2/3
5
Marginal Utility II
Answering questions about utility, given a utility table. Difficulty : 1/3
6
Utility
Given a table of total utility, answering question about total utility, marginal utility, and maximizing utility. Difficulty : 1/3
7
Indifference Curves
Answering questions about consumption given a graph of indifference curves Difficulty : 2/3
8
Marginal Utility+
An individual has two activities. Graphing a marginal utility curve and calculating when an individual will switch activities.
Difficulty: 1/3
9
Market Demand Curve
Given a table of prices and demand, draw market demand curve. Difficulty : 1/3
10
Substitution and Income
Effect+
Determine the substitution and Income effect. Difficulty: 1/3
1
Terminology Chapter 8
Match terms with descriptions Difficulty: 1/3
2
Marginal and Average
Product
Given a table showing a production function calculate marginal product and average product. Sketch two graphs showing
the firms total product curve and marginal/average product curves. Difficulty: 2/3
3
Production Costs
Given a table of the total product for different amounts of units of data: a) Find the marginal product for a random number
of units b) Find the average product for a random number of units c) Answer what type of return is associated with the
addition of a specific random unit d) Draw the total product, average product, and marginal product curves and shade the
regions corresponding to increasing/decreasing/negative marginal returns e) Find the slope as each unit is added f)
Characterize the nature of marginal returns in each region (increasing/decreasing/negative marginal returns) Difficulty: 2/3
4
Fixed, Variable, Marginal
and Average Total Cost
Given a table of classrooms and total cost related to cleaning. a) What is the average fixed cost of cleaning three
classrooms? b) What is the average variable cost of cleaning three classrooms? c) What is the average fixed cost of cleaning
seven classrooms? d) What is the average variable cost of cleaning seven classrooms? e) What is the marginal cost of
cleaning the seventeenth classroom? f) What is the average total cost of cleaning twelve classrooms? Difficulty: 2/3
5
Long-Run Average Cost &
Economies of Scale
Given a table of the long-run average cost of producing a certain item: Draw the long-run average cost curve Shade in
regions corresponding to economies of scale, constant returns to scale, and diseconomies of scale. Answer what happens to
the cost per unit in each area Difficulty: 2/3
6
Marginal Product
Given MP of capital, MP of labor, Pk, Pl figure out: a) Ratio of MP of labor to its price b) Ratio of the MP of capital to its
price c) How the firm should adjust the ratio of labor and capital Difficulty: 1/3
7
Price of Labor
Given a firms MP of labor, MP of capital and the price of capital find the price of labor Difficulty: 1/3
8
Marginal Product of Capital
Given the price of labor, price of capital, and marginal product of labor find: a) marginal product of capital b) how capitalintensive or labor-intensive the firm will become if the price of capital changes while the price of labor remains constant
Difficulty: 1/3
9
Cost Concepts+
Students are given a scenario and must answer several questions about total variable and fixed costs, total cost, and marginal
cost. Difficulty: 1/3
10
Production Margins and
Returns+
Given a table showing the total product curve the student will determine the marginal and average product for each labor
level. Total, marginal, and average product will then be plotted on graphs and the areas of increasing, decreasing, and
negative returns determined and drawn. Difficulty: 2/3
1
Terminology Chapter 9
Match terms with descriptions Difficulty: 1/3
2
Perfect/Imperfect
Competitive Industry
Classify perfect/imperfect services Difficulty: 2/3
Lab
10
Lab
11
Lab
12
3
Perfectly Competitive
Industry Goods and Services
Indicate whether a list of good and services are likely produced in a perfectly competitive industry. Difficulty: 1/3
4
Perfectly Competitive Market
Given a graph with average total cost and marginal cost curves, and market price, estimate the profit-maximizing output and
economic profit per day. Difficulty : 2/3
5
Perfect Competition in the
Long Run
Explores the effect of demand and economic profit/loss in the long run of a perfectly competitive market. Difficulty: 1/3
6
Perfectly Competitive
Given a graph with total revenue and total cost curves, determine total fixed cost, total variable cost at specific quantity,
price sold per unit, average revenue, marginal revenue, range of economic profits, range of economic losses, the slope of
TR, the slope of TC at profit-maximizing output and the profit-maximizing output. Difficulty: 2/3
7
Marginal Product
The following table shows the total output, total revenue, total variable cost, and total fixed cost of a firm. What level of
output should the firm produce? Should it shut down? Should it exit the industry? Explain. Difficulty: 2/3
8
Rise In Costs
Suppose a rise in fuel costs increase cost of production per unit. Illustrate graphically how this change will affect the market
in the short run and long run. Difficulty: 2/3
9
Price Change
Show the short and long run effects due to a production cost increase Difficulty: 2/3
10
Competitive Firm Short-Run
vs Long-Run Supply Curve+
Given a graph about MC , ATC, AVC and MR, decide what is short-run and long-run decision. Difficulty: 1/3
1
Terminology Chapter 10
Match terms with descriptions Difficulty: 1/3
2
Marginal Product
Consider the following firms. Would you regard any of them as a monopoly? Why or why not? Could you use the monopoly
model in analyzing the choices of any of them? Difficulty: 1/3
3
Monopoly Power
Given a series of monopolist scenarios identify the source of the monopoly power. Difficulty: 1/3
4
Profit Maximizing
Given prices, quantities, and costs, calculate total revenues, marginal cost and revenue. Also, determine the profitmaximizing level output, price charged, and marginal revenue at that level. Difficulty: 2/3
5
Perfectly Competitive vs.
Monopoly
Does the statement below better describe a firm operating in a perfectly competitive market or a firm that is a monopoly? 1)
Demand curve faced by the firm is downward-sloping. 2) The demand curve and the marginal revenue curves are the same.
3) Entry and exit are relatively difficult. 4) The firm is likely to be concerned about antitrust laws. 5) consumer surplus
would be increased if the firm produced more output. Difficulty: 2/3
6
Marginal Product
Difficulty: 2/3
7
Monopoly Firm
Difficulty: 2/3
8
Monopoly Efficiency vs
Equity+
Given equations of demand curve and supply curve, draw demand curve, supply curve, marginal cost curve, shade consumer
surplus area, shade the area of consumer surplus transferred to the monopolist, and shade the deadweight loss area.
Difficulty: 2/3
9
Monopoly Equilibrium Table
Given a demand schedule, the student must calculate the total revenue and marginal revenue and graph the demand, total
revenue and marginal revenue curves. Difficulty: 2/3
10
Monopoly Equilibrium Graphical
Students must answer the questions below given information about a monopoly: a) Plot the demand, MC and MR curves b)
Find the equilibrium quantity and price c) Calculate the firms profits d) Calculate the consumer surplus Difficulty: 2/3
1
Terminology Chapter 11
Match terms with descriptions Difficulty: 1/3
2
Monopolistic Competition
Given a market in monopolistic competition and a cost increase or decrease the student must use the provided graphs to
show the short term ATC and MC shifts as well as the long term D and MR shifts. Difficulty: 1/3
3
Oligopoly Scenarios
Given a series of oligopoly scenarios identify the model or game theory associated with it. Difficulty: 1/3
4
Computing/Analyzing HHI
Given information regarding 2 industries calculate the HHI and compare concentration and competitiveness of the industry.
Difficulty: 1/3
5
Four Firm Concentration
Ratio
Answer questions based on the four-firm concentration ratio and HHI of 2 industries. Difficulty: 1/3
6
Demand, MR, and MC
Curves
Given Demand and Marginal Cost curves a) Plot given curves as well as Marginal Revenue b) How much will the firm
produce in the short run? c) What price will it charge? Difficulty: 1/3
7
Monogopolistically
Competitive vs Oligopolistic
Industry+
Given a set of statements indicate which each belongs to Difficulty: 1/3
8
Concentration Ratios and
HHI+
Fill out a table of concentration ratios and HHIs Difficulty: 1/3
9
Competition Comparisons+
Fill a table comparing perfect competition, monopolistic competition and monopoly. Difficulty: 1/3
10
Price Discrimination+
Given examples of goods and services determine whether there is price discrimination and the type of demand. Difficulty:
1/3
1
Terminology Chapter 12
Match terms with descriptions Difficulty: 1/3
2
Demand for Labor
Given three random labor changes to an accounting advice company, answer how each of these changes would affect the
demand for labor. Difficulty: 2/3
3
Labor Supply Decisions
Given date for a labor supply market, answer: a) What the slope on the labor supply curve is. b) If the substitution effect or
the income effect dominates. c) & d) Given random scenarios, answer how the labor supply would change. Difficulty: 2/3
Lab
13
Lab
14
4
Changes in Demand and
Supply
Base on a scenario, students decide what would be the impact on wages and on the number of construction workers
employed. Difficulty: 1/3
5
Marginal Revenue Product
and Labor Demand
Given labor costs, total production figures, and unit prices the student must determine the marginal revenue values, plot the
MRP and MFC curves and determine the demand for labor. Difficulty: 2/3
6
Labor Supply and Demand
Equilibrium
Given a table describing the supply and demand curves for labor in a market the user must plot the curves and find the
equilibrium to determine the equilibrium wage. Difficulty: 2/3
7
Backward Bending Labor
Supply Curve
Given a paragraph describing data points for a labor supply curve the student must plot the curve, calculate total earnings
along the line and determine if each section is most affected by substitution, income or neither. Difficulty: 1/3
8
Wage and Utility
Given a wage, hours of working, marginal utility of income and leisure of a worker, determine whether he is maximizing his
utility, if not, determine whether he should work more or less. Difficulty: 1/3
9
Minimum Wage
Given a table describing a labor market the student must plot the demand and supply curves, determine the equilibrium and
extrapolate to determine the effect of two different possible minimum wages. Difficulty: 1/3
10
Labor Supply+
Determine characteristics of upward-sloping vs backward bending labor supply curves. Difficulty: 1/3
1
Terminology Chapter 13
Match terms with descriptions Difficulty: 1/3
2
Interest Rates
Difficulty: 1/3
3
Present Value
Given an investment and its current value, as well as its projected value in the future, calculate its present value. Determine
if it is more profitable to sell now, one year from now, or two years from now. Difficulty: 1/3
4
Present Value Analysis
Given values of current payment and future payment, interest and years, calculate the present value of the future payment,
future value of the current payment, and figure out which alternative is better. Difficulty: 1/3
5
Capital and NPV
Given interest rate, net revenue per year, number of year, scrap value, purchase price and interest tables, calculate the net
present value and figure out which alternative is better. Difficulty: 1/3
6
Capital and NPV II
Given interest rate, cost of tuition and fees and foregone income per year, number of years in college, benefit value per year
and number of years, calculate the net present value and figure out if should go to college. Difficulty: 1/3
7
Capital and NPV III
Given interest rate, cost of membership in a number of years, benefit per year in a number of years, calculate the net present
value and figure out if should join. Difficulty: 1/3
8
Loanble Funds & Capital
Markets Interaction+
Given a market scenario affecting capital or loanable funds supply or demand the student must determine the generalized
effects on both markets and draw the result on the grqaphs provided. Difficulty: 2/3
9
Land Market+
Determine properties of the land market. Difficulty: 1/3
10
Resource Extraction
Expectations+
Given a scenario related to energy demand the student must determine the related demand shift. Difficulty: 1/3
1
Terminology Chapter 14
Match terms with descriptions Difficulty: 1/3
2
Marginal Cost and Product
Given number of worker, wage and total product per day, calculate the total factor cost(TC), marginal factor cost(MFC),
marginal product(MP), marginal revenue product (MRP). Plot the supply curve, MFC, MRP on the same graph. Difficulty:
2/3
3
4
Lab
15
Given number of worker, wage and total product per day, calculate the total factor cost(TC), marginal factor cost(MFC),
Marginal Cost and Product II marginal product(MP), marginal revenue product (MRP). Suppose a minimum wage is imposed, find the number of worker
the firm will employ. Plot the supply curve, MFC, MRP on the same graph. Difficulty: 2/3
Monopoly
Fill in the blank question focusing on bilateral monopoly in a labor market. Difficulty: 2/3
5
Labor supply, TFC and MFC
Given a table presenting the number of workers and wage the student must calculate and complete the total factor cost and
marginal factor cost columns. Difficulty: 1/3
6
Labor Supply, MP and MRP
Given a table presenting the number of workers and production per day the student must calculate and complete the
marginal product and marginal revenue product columns of the table. Difficulty: 1/3
7
Labor Supply in Equilibrium
Given tables presenting the number of workers, wage and output the student must calculate and complete the total factor
cost, marginal factor cost, marginal product and marginal revenue product columns. The results then must be plotted on a
graph and the equilibrium wage and employment levels must be identified. Difficulty: 2/3
8
Labor Supply and the
Minimum Wage
Presented with a graph showing the supply, marginal factor cost and marginal revenue product of a given labor market the
student must find a new equilibrium value once a given minimum wage is imposed. Difficulty: 1/3
9
Labor Supply and MFC
Given a function describing the supply curve the student must plot both the given supply curve and the associated marginal
factor cost curve. Difficulty: 2/3
10
Union Strategies to Raise
Wages+
Determine whether each union strategy either increases demand or reduces supply, to increase wages. Difficulty: 1/3
1
Terminology Chapter 15
Match terms with descriptions Difficulty: 1/3
2
Government Involvement for
Market Failures
Four multiple choice questions on the government intervention to respond to: correction of market failure, encouragement or
discouragement of the consumption of merit or demerit goods, and redistribution of income. Identify the source of demand
for the activity described. Difficulty: 1/3
3
Tax Burden
Given three goods (one with the supply curve perfectly elastic, one with a typical upward-sloping supply curve and one with
a perfectly inelastic supply curve), using a graph, show how the tax will affect the price in the short run, and answer who
bears the burden of the tax (the buyers, the sellers, or both). Difficulty: 2/3
Lab
16
Lab
17
Lab
18
4
Public Sector Choices
Given three scenarios, answer whether the explanation reflects the public interest theory or the public choice theory of
government action. Difficulty: 1/3
5
Public Choice
Suppose a neighborhood has 4 households. Each household has its demand displayed on a table. Draw the demand curves
for each household and the demand curve for the neighborhood. Find the demand for the neighborhood when a specific price
is set. Difficulty: 1/3
6
Public Choice II
Suppose a neighborhood has 4 households. Each household has its demand displayed on a table. Draw the demand curves
for each household and the demand curve for the neighborhood. Find the demand for the neighborhood when a specific price
is set. Difficulty: 1/3
7
Excise Tax
Given data on spending on various goods and services and different income levels, determine whether an excise tax for the
goods would be progressive, proportional, or regressive. Difficulty: 1/3
8
Tax Burden+
Students are given a graph that shows demand and supply before and after a tax is imposed, and must answer questions
about price, quantity, and surpluses. Difficulty: 2/3
9
Personal Income Tax+
Students are given multiple tax brackets and incomes of singles filing for taxes, and must calculate the amount of tax payed
according to the tax brackets. Difficulty: 1/3
10
Tax+
A company in long-run equilibrium sells discs at a certain price. Now the government imposes an excise tax per disc
produced. a) Show what happens to price and output of discs in the short run. b) Now show the impact in the long run. c)
Who pays the tax? (Note: Show quantities as Q1, Q2, etc.) Difficulty: 2/3
1
Terminology Chapter 16
Match terms with descriptions Difficulty: 1/3
2
Deregulation
Given a model of demand and supply show the changes from deregulation, the change in the consumer surplus, and answer
whether or not the consumer surplus changed. Difficulty: 2/3
3
Herfindahl Index
Calculate the postmerger Herfindahl-Hirschman Index, then use it to indicate the response of the Justice Department.
Difficulty: 2/3
4
Herfindahl Index II
Given two industries (A and B) and corresponding firms annual sales: a) Calculate industry A's Herfindahl index b)
Calculate industry B's Herfindahl index c) Interpret these results (i.e competitiveness) Difficulty: 2/3
5
Market Collusion Using a
Payoff Matrix
Given a payoff matrix with different market states, the student must determine: (the market may be colluding or not) a)
Appropriate description of the mutual interdependence b) What is the likely profit outcome of C? c) What is the likely profit
outcome of D? Difficulty: 2/3
6
Competition Policy and
Regulation
Students are given different multiple choice questions to answer. Note: This is all MC as this chapter is more theoretical (i.e.
no tables, double input or graphing) Difficulty: 1/3
1
Terminology Chapter 17
Match terms with descriptions Difficulty: 1/3
2
International Trade
Draw the production possibilities curves for two countries when only the end points are given. Calculate the opportunity
cost to produce a good for each country. Determine how the terms of trade affects each economy. Difficulty: 1/3
3
Two-Way Trade
Answer what the three explanations are to why countries engage in two-way trade. Difficulty: 1/3
4
Impact Of Protectionist
Policies
Based on a scenario students decide how to shift supply line to explain how this quota affects the price and output of shoes
Difficulty: 1/3
5
PPC Trading
Given PPC curves for two different countries: Find the opportunity cost of each good in each country Answer what country
has the comparative advantage in what good Answer how would production levels changed if countries traded Answer how
the consumption would change in both countries Difficulty: 2/3
6
PPC Trading II
Given PPC curves for two different countries: Calculate an exchange between the two countries that would leave both
countries with more of both goods than they had before trade Between what quantities of trade would leave both countries
with more of both goods over their original positions Difficulty: 3/3
7
Taxes on Two-Way Trade
Given a two-way trading international market, where a Country levies a tax on each good it produces within its borders.
Using graphs, show what happens in the short run and in the long run. Difficulty: 2/3
8
This is the long run version of the question. Asks what happens to Demand, Marginal Revenue, Marginal Cost and Average
Tariffs on Trade in the LongTotal Cost curves in the long run, and either: (1) how employment changes, or (2) who loses/wins from the tariff. Difficulty:
Run
2/3
9
Tariffs on Trade in the ShortRun
his is the short run version of the question. Asks what happens to Demand, Marginal Revenue, Marginal Cost and Average
Total Cost curves in the short run, and who loses/wins from the tariff. Difficulty: 2/3
10
Tariffs on Trade in the LR or
SR
Randomly selects either Tariffs on Trade in Short-Run or Tariffs on Trade in the Long-Run Difficulty: 2/3
1
Terminology Chapter 18
Match terms with descriptions Difficulty: 1/3
2
Efficient Level of Pollution
Given the marginal benefit to a paper mill and marginal cost to residents, plot the marginal benefit and marginal cost curves,
and figure out the equilibrium point, and the pollution point the firm will produce at without taxes/fees. Difficulty: 1/3
3
Efficient Level of Pollution II
Given the marginal benefit to a paper mill and marginal cost to residents, figure out the efficient quantity of pollution and in
the absence of pollution fees or taxes, how many units of pollution the mill will produce and the tax would result in the
efficient quantity of pollution. Difficulty: 1/3
Lab
19
Lab
20
Lab
21
4
Command and Control
Given the emissions per period, marginal benefit and marginal cost, Plot the marginal benefit and marginal cost curves;
figure out the efficient quantity of emissions per period, efficient quantity of emissions per period and tax rate would
achieve the efficient rate of emissions. Difficulty: 1/3
5
Command and Control II
Given the emissions per period, marginal benefit and marginal cost, Plot the marginal benefit and marginal cost curves;
figure out the efficient quantity of emissions per period, efficient quantity of emissions per period and tax rate would
achieve the efficient rate of emissions. Difficulty: 1/3
6
Price Elasticity
Given the percentage of the distance from a house to a hazardous site and the percentage of the house value increased, figure
out the price elasticity of house prices. Difficulty: 1/3
7
Environmental Public Policy
Given information about the cost to run factories, and the amount of pollution they produce, students determine which
factories companies will want to run given government policies on pollution. Difficulty: 2/3
8
Total Costs and Benefits
Given a table, which displays 4 programs, each of which have a cost and a benefit, determine which program is most
beneficial? Difficulty: 2/3
9
The Demand For Emissions+
Given the marginal benefit to a paper mill, plot the marginal benefit curve, and fill in the statement of the marginal benefit
of additional emissions. Difficulty: 1/3
1
Terminology Chapter 19
Match terms with descriptions Difficulty: 1/3
2
Lorenz Curve II
Given Lorenz curves showing distribution of income before and after taxes and welfare benefits, fill in the blanks in a given
statement. Difficulty: 1/3
3
Lorenz Curve (Random)
Randomly selects between: Lorenz Curve I and Lorenz Curve II Given Lorenz curves showing distribution of income before
and after taxes and welfare benefits, fill in the blanks in a given statement. Difficulty: 1/3
4
Economics of Poverty
Given annual income of a family, size of the family, poverty line and income distribution for year 2005 and 2006, figure out
is the family is poor. Difficulty: 1/3
5
Poverty Line
Given annual data for median household income in the United States for the period 1994 - 2004 and the data also give the
percentage of the households that fall below 60 percent of the median household income, students plot the data graphically,
and figure out the definition of poverty. Difficulty: 1/3
6
Inequality
According to different scenario,figure out how this affects labor market. Difficulty: 1/3
7
Poverty Line+
Given annual data for median household income in the United States for the period 1994 - 2004m and the data also give the
percentage of the households that fall below 60 percent of the median household income, students plot the data graphically,
and figure out the definition of poverty. Difficulty: 1/3
8
Income and Wealth
Given a table of income and wealth per quintile the user must construct the Lorenz curves for income and wealth. Difficulty:
2/3
9
Discrimination+
Given info about women labor being discriminated, the student must shift the demand for women curve and plot the wage
and labor for women point. Then they must answer 2 paragraphs. Difficulty: 1/3
10
Lorenz Curve+
Given a graph with two Lorenz curves, find the Gini coefficients and complete a paragraph. Difficulty: 1/3
1
Terminology Chapter 20
Match terms with descriptions Difficulty: 1/3
2
Return To Labor+
Complete a paragraph with entries talking about return to labor and surplus value. Difficulty: 1/3
3
Soviet Union+
Answer a question about the Soviet Union. Difficulty: 1/3
4
Resources+
Complete a paragraph talking about Soviet Union natural resources. Difficulty: 1/3
5
Socialism+
With respect to Yugoslavian socialism, check all that apply. Difficulty: 1/3
6
Obstacles+
Answer a question about the obstacles former socialist economists typically face when changing to a market oriented
economy. Difficulty: 1/3
7
Reform+
Complete a paragraph talking about the different reform approaches taken by Russia and China. Difficulty: 1/3
8
Predictions+
Complete a paragraph talking about Karl Marx's predictions. Difficulty: 1/3
9
Communist Manifesto+
Answer a question about the Communist Manifesto. Difficulty: 1/3
10
Solidarity+
Complete a paragraph talking about Solidarity, the labor union. Difficulty: 1/3
1
Draw Points
Drawing points(inflation rate) Difficulty: 1/3
2
Positive or Negative
Relationship
Decide whether each proposition below demonstrates a positive or negative relationship Difficulty: 1/3
3
Draw Points and Calculate
Slope
Drawing points, calculate slope and decide +/- relationship Difficulty: 1/3
4
Shifting Line
Shifting either a line or a point along a line Difficulty: 1/3
5
Draw Points
Drawing points, lines and calculating intercepts and slopes Difficulty: 1/3
6
Curves
Plot data to create curves and decide the working efficiency. Difficulty: 1/3
7
Analysis of a Curve
Difficulty: 1/3
8
Shifting vs Rotating Curve+
Show the change in the curve given different factors. Difficulty: 1/3
9
Graph Labels+
Giving a graph select the correct labels. Difficulty: 1/3
10
Graph Concepts+
Answer several conceptual questions about graphs and numerical questions about their use. Difficulty: 2/3
11
Calculating slope and
Finding Intersections
Calculating slope and intersections based on given graph Difficulty: 1/3
12
Graphing and Understanding
a Curve+
Given a table of data, draw points and consider positive / negative relationship Difficulty: 1/3